Narodowy Bank Polski

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Money supply in June 2017

Publication date: 21-07-2017

In June 2017, the M3 money supply decreased by PLN 2.7bn. The fall in the broad money supply was chiefly caused by a decline in enterprises' and local government institutions’ claims on banks.

Preliminary data released by NBP on 21 July 2017 show that the M3 aggregate, reflecting the total supply of money, stood at PLN 1.3bn at the end of June, i.e. PLN 2.7 less than at the end of May 2017.

Corporate deposits and other claims of enterprises on banks declined in June by PLN 5.4bn (or 2.1%), to reach PLN 246.5bn. The deposits and other claims of local government institutions on banks declined by PLN 2.3bn (or 5.9%), to PLN 37.1bn, whereas the stock of deposits and other claims of households on banks increased by PLN 3.4bn, or 0.5%, to stand at PLN 712.7bn. Cash holdings outside banks increased by PLN 1.8bn, i.e. by 1.0%, to PLN 176.6bn.

On the counterparts to money growth side, the largest fall was observed in net foreign assets - of PLN 11.8bn, i.e. 5.2%, to PLN 216.6bn. Also, the net debt of the central government institutions decreased by PLN 3.7bn, i.e. by 1.7%, to PLN 217.9bn Household debt increased by PLN 4.7bn (i.e. 0.7%), to reach PLN 672,8bn; while corporate debt rose by PLN 1.5bn i.e. by 0.4%, to stand at PLN 353.7bn.

See full money supply data

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