Money Supply Edges Up in July
NBP data: In contrast to shrinking corporate account balances, household deposits have grown. Nominal household debt has decreased on the back of zloty appreciation.
July 2012 saw a slight expansion in broad money supply. M3 increased by PLN 1.6 bn, i.e. 0.2%, to stand at PLN 886.3 bn.
This was primarily driven by a rise in household deposits, by almost PLN 1.6 bn in nominal terms, . Individuals hold a total of PLN 464.9 bn at banks. This represents an increase of 0.3% on the previous month and of 12.4% on July 2012. By contrast, corporate bank accounts shrank by PLN 1.7 bn (i.e. by 1%).
A decline of nearly PLN 5.3 bn (down to PLN 534.9 bn) was observed in household bank debt. Adjusted for the impact of exchange rate differences, this translates into an increase of approx. PLN 2 bn. Corporate debt rose by PLN 1.1 bn, to reach PLN 271.9 bn at the end of the month.
See: full money supply data, July 2012