Narodowy Bank Polski

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Money Supply Stabilises in March

Date: 13-04-2012

NBP data: March 2012 saw a slight expansion in money supply. The amount of household deposits at banks declined, while the amount of bank loans to households increased somewhat.

Preliminary data on the March 2012 money supply show the volume of the M3 aggregate to have grown by 0.2% on its end-of-February figure.

Households' bank deposits totalled PLN 487.3 bn, representing a 0.2% decrease on the previous month. NBP analysts point out that this was due to, among other factors, the winding up of term deposits structured to avoid the interest income tax. Since the banks did not improve their regular term deposit offer, some customers redirected deposits to investment funds.

Corporate deposits shrank as well; this time due to the KGHM Company funding an acquisition of a company in Canada with own financial resources. Excluding this transaction, corporate deposits would have stood significantly higher.

The March data confirm that lending to individuals has slowed down visibly. In the previous years, March was the month when lending took off ; this year - after adjusting for exchange rate differences - private individuals' debt increased by a mere 0.5% throughout the month. A more pronounced increase - one of 1.0% - was observed in corporate bank debt.

See: M3 and its counterparts in March 2012

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Deposit rate 6.25
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