Narodowy Bank Polski

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Money supply in January

Publication date: 14-02-2014

NBP data: January saw easing of monetary pressure, which is typical of the first month of the year. Corporate bank deposits, the value of which decreased, were the primary factor influencing the size and vector of M3 aggregate change

Preliminary data on money supply published by NBP on 14 February indicate that in January the stock of money shrank in monthly terms. At the end of January the M3 aggregate, which reflects the total money supply, amounted to PLN 963.6bn, i.e. it was 1.6% down on the end-December figure.

The primary factor which impacted the volume and vector of the shift in the M3 aggregate were corporate deposits, whose value dropped by PLN 14.6bn (i.e. by 7.1%). This phenomenon, which is typical of January, was a result of rebuilding of balances of current accounts of non-financial corporations at the start of a new financial year and payment of annual bonuses for employees. At the end-January, corporate bank deposits totaled PLN 191.9bn.

Rising household deposits, which grew by PLN 6.1bn (1.1%) to reach PLN 549.7bn, were an important element moderating the fall of the M3 aggregate. As every year, this increase was partly a result of effecting payments of annual bonuses to employees.

Total debt from bank loans increased in January by PLN 11.2bn, i.e. by 1.2%, and amounted to PLN 948.5 bn. Bank debt of households and corporates contributed the most to the rise of claims. Households debt increased by PLN 5.6bn (1.0%) and stood at PLN 568bn, whereas corporate debt grew by PLN 4.9bn (1.8%) and reached PLN 279.5bn.

NBP analysts point to the fact that in previous years (with the exception of January 2013, when corporate debt decreased by PLN 0.6bn), a relatively high increase in corporate debt resulting from overdraft in current accounts was typical of January. High demand for this type of credit is related to additional payments of employees’ remuneration.

See full money supply date in January 2014.

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