Narodowy Bank Polski

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Money supply in January 2018

Publication date: 22-02-2018

January 2018 saw a decline in M3 money supply by PLN 14.8 billion. The biggest decrease was recorded in deposits and other liabilities of banks towards non-financial enterprises and social insurance funds.

According to preliminary data on money supply released by Narodowy Bank Polski on 22 February 2018, in January the value of the M3 aggregate, which reflects the total money supply, amounted to PLN 1,309.6 billion at the end of the month and was PLN 14.8 billion (i.e. 1.1%) lower than at the end of December 2017.

In January 2018 the value of deposits and other liabilities of banks towards the corporate sector, which are included in the M3 money supply, fell by PLN 8.8 billion (i.e. 3.2%) to the level of PLN 266.6 billion. Deposits and other liabilities towards the household sector remained close to the level of the previous month. In addition, deposits of social insurance funds decreased by PLN 4.5 billion (i.e. 44.8%) to PLN 5.5 billion. In January 2018, deposits of the local government sector decreased slightly by PLN 95.3 million (i.e. 0.3%) to PLN 32.7 billion. The value of cash in circulation (excluding vault cash) decreased by PLN 3.4 billion (i.e. 1.8%) to PLN 181.1 billion.

There was a nominal rise in claims on households of PLN 2.8 billion to the level of PLN 679.2 billion. The debt of corporates increased by PLN 3.2 billion (i.e. 1.0%)1. The net debt of the sector of central government institutions decreased by PLN 31.4 billion (i.e. 11.7%) to PLN 237.4 billion.

1 The increase in the debt of corporates was partly caused by the inclusion in January 2018 of 5 branches of credit institutions to the monetary financial institutions sector in connection with the clarification of the rules of inclusion on the MFI lists of branches of credit institutions by the national central banks under the ESCB.

See full money supply data

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