Narodowy Bank Polski

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Money supply in April 2018

Publication date: 24-05-2018

In April 2018, the M3 money supply rose by PLN 3.1bn. The change was mainly driven by an increase in net foreign assets. Factors with a secondary impact on the size of money supply included a rise in banks' claims on two domestic sectors: households and other financial institutions.

Data released by NBP on 24 May 2018 show that in April the M3 aggregate, reflecting the total supply of money, stood at PLN 1.3tn as at the end of the month, i.e. PLN 3.1bn more than at the end of March 2018.

The stock of household deposits and other household claims on banks remained at approximately the same level as in the previous month. There was a moderate decline, one of PLN 0.5bn, or 1.4%, in deposits and other claims of local government institutions on banks, which reached PLN 37.9bn. Cash holdings outside banks increased by PLN 2.4bn, i.e. by 1.3%, to PLN 188.6bn. Corporate deposits and other claims of corporates on banks declined by PLN 2.1bn, or 0.8%, to PLN 255.5bn.

Household debt rose by PLN 2.4bn, or 0.3%, to PLN 688.6bn. The stock of banks' claims on corporates remained at the previous month's level, i.e. PLN 368.5bn. Polish banks' claims on government institutions decreased by PLN 5.2bn, i.e. 2.1%, to reach PLN 237.0bn.

See full money supply data

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