Narodowy Bank Polski

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Money supply in May

Publication date: 13-06-2014

NBP Data: In May 2014, the M3 money supply grew by 0.6%. in nominal terms, Corporate deposits rose, whereas those of households remained unchanged. Bank debt of corporations rose, although less than in the previous period analysed.

According to preliminary data on money supply released by NBP on 13 June, the money stock increased in May, in monthly terms. At the end of May, the M3 aggregate, which reflects the total money supply, amounted to PLN 992.0bn, and was 0.6% (PLN 5.8bn) higher than at the end of April.

Corporate deposits, which rose by 1.8% (PLN 3.4bn) to PLN 195.6bn, was the primary M3 component responsible for the monthly increase in the M3 supply. Deposits of local governments also grew, rising by 4.5% (PLN 1.3bn) to PLN 31.4bn, as well as non-monetary financial institutions, which rose by 2.5% (PLN1.1bn) to PLN 47.9bn. Household deposits remained almost unchanged at PLN 559.4bn.

The sectoral breakdown shows that the highest debt growth – of 0.8% (PLN 2.4bn) – occurred in the sector of corporates. At the end of the month, their liabilities to banks amounted to PLN 289.7bn. In May, banks’ claims on households rose by 0.2% ( PLN 1.4bn) to PLN 574.7bn. The bank debt of non-monetary financial institutions dropped by 3.3% (PLN 1.5bn) and at the end of the month, stood at PLN 44.5bn

See full money supply date in May 2014.

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