Narodowy Bank Polski

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Money Supply in September 2012

Date: 12-10-2012

NBP data: M3 money supply has decreased by 0.3% in nominal terms. Corporate deposits have shrunk by 2.0%. Growth of lending to households is slow as compared to previous years.

According to September 2012 money supply data released by the National Bank of Poland on 12 October, there has been little movement in most monetary aggregates versus previous month’s levels. M3 money supply decreased, in nominal terms, by 0.3% on the August figure. The value of money in circulation, after a 0.1% rise, stood at PLN 103.2 bn. A more significant change was observed in corporate deposits which decreased by 2% and were also lower than a year before. On the other hand, household deposits increased nominally by 0.2.%, to PLN 499.1 bn, on the August figure.

There was a nominal rise of 0.3% in corporate debt. In contrast, household bank debt in September declined, in nominal terms, by PLN 2.6 bn. Although after excluding the impact of September’s zloty appreciation, this category posted a rise of 0.4%, NBP analysts point out that the annual growth of lending to this sector is at its lowest levels in nine years.

See: full money supply data, September 2012

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Narodowy Bank Polski
Świętokrzyska 11/21
00-919 Warszawa

+48 22 185 10 00
+48 22 185 85 18
NIP: 525-000-81-98
REGON: 000002223
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