Narodowy Bank Polski

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Money supply in July 2017

Publication date: 23-08-2017

In July 2017, the M3 money supply rose by PLN 3.5.0bn. The increase in the M3 money supply was mainly driven by a rise in cash in circulation as well as deposits and other claims of non-monetary financial institutions on banks.

Preliminary data released by NBP on 23 August 2017 show that the M3 aggregate, reflecting the total supply of money, stood at PLN 1.3bn at the end of the month, i.e. PLN 3.5bn higher than at the end of June 2017.

Cash holdings outside banks increased by PLN 1.4bn in July, i.e. by 0.8%, to stand at PLN 178bn. Deposits and other claims of the non-monetary financial institution sector rose by PLN 1.2bn (or 2.5%), to PLN 50.9bn. Corporate deposits and other claims of corporates on banks increased by PLN 0.8bn, i.e. 0.3%, to PLN 247.2bn. In turn, the stock of deposits and other claims of households on banks declined by PLN 1.1bn, or 0.5%, to PLN 711.6bn.

On the side of counterparts to money growth, the largest rise was observed in net foreign assets - of PLN 3.7bn, i.e. 1.7%, as a result of which those assets stood at 220.3bn. The stock of corporate debt rose by PLN 1.5bn, i.e. 0.4%, to reach PLN 355.2bn, while household debt decreased by PLN 1.0bn, or 0.2%, to PLN 671.8bn.

See full money supply data

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