Narodowy Bank Polski

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Money supply growth in May

Date: 14-06-2012

NBP data: More money in corporate and self-government accounts. The growth rate of corporate lending continues to decline, while the weakening of the zloty has boosted household debt in nominal terms.

May saw the second-time growth in M3 supply in 2012. It increased by PLN 14.9 billion, i.e. by 17%, reaching PLN 885.4. NBP analysts point out that the May weakening of the zloty against the euro and the US dollar by 5.2 % and 12.3% respectively, resulted in M3 growth by over PLN 4 billion.

Corporate bank deposits had risen by PLN 7 billion in nominal terms (4.0% growth), and, excluding the impact of foreign exchange rate differences, growth stood at PLN 5.3 billion. Self-government units recorded the highest, in percentage terms, increase in deposits (5.4 %). At the end of May, self-governments held PLN 27.2 billion in bank accounts, which was due to the fact that they had received their share of PIT taxes in May.

Household deposits had grown by PLN 3.1 billion in nominal terms, and excluding the impact of foreign exchange rate differences they had increased by PLN 0.5 billion. Individuals hold a total of PLN 489.3 billion in bank deposits.

Household debt at banks posted a significant rise of PLN 12.6 billion in nominal terms to reach PLN 543.9 billion. Accounting for the impact of foreign exchange differences, the rise was much lower and amounted to PLN 2.1 billion.

According to NBP analysts corporate lending has been declining since the beginning of 2012. Excluding the impact of foreign exchange differences, corporate debt has risen by PLN 2 billion, i.e. 2%.

See full NBP data on money supply in May 2012


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