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Money Supply Slightly Down in February

Date: 14-03-2012

NBP data: February saw a relatively slow rise in household deposits. There was a marginal increase in lending, both to individuals and enterprises.

On 14 March, the National Bank of Poland released preliminary data on money supply in February 2012. The value of the M3 aggregate had fallen by 0.3% on the figure recorded at the end of January.

Households’ deposits at banks totalled PLN 488.1 billion at the end of February and were 0.4% higher than a month before. When adjusted for exchange rate differences (the zloty appreciated throughout February), the increase was slightly higher. However, as NBP analysts emphasise, this result is the weakest in five years and can be attributed, among other factors, to the payment of bonuses and annual rewards being brought forward to January in anticipation of a rise in the disability pension contribution as of February. Corporate deposits declined somewhat in February, while there was a marked rise in bank deposits of local government units, which receive more subsides at the beginning of the year than in the subsequent months.

As banks had tightened – also in 2011 – their lending policies, growth in household loans had also slowed down. At the end of February, households’ bank debt amounted to PLN 525.5 billion and was, in nominal terms, slightly lower than in January; with exchange rate movements accounted for, it was 0.2% higher. The total amount of loans to corporates had remained virtually unchanged (with an increase of, in real terms, PLN 0.1 billion), although – as NBP analysts point out – in February enterprises always display considerable restraint in borrowing. In annual terms (February 2012 to February 2011), corporate loans were up by 17%.

See: M3 and its counterparts in February 2012

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