Money Supply in January 2013
NBP data: In January 2013, the M3 money supply decreased by 0.8% in nominal terms. Bank debt of neither households nor corporates showed any major changes.
According to the January money supply release, published by the National Bank of Poland on 14 February 2013, in nominal terms the M3 monetary aggregate posted a decline of PLN 7.8 billion or 0.8% as compared with the end of December 2012 figure.
Corporate deposits sank considerably, by as much as PLN 11.5 billion or 6.1%. According to the NBP analysts this is a typical January phenomenon, due to accounting reasons and payment of annual bonuses effected in January. Household deposits rose by PLN 6.1 billion to reach PLN 521.0 billion. Yet, this was a slower growth than in the corresponding months of the previous years.
Bank debt of households increased from PLN 1.0 billion to PLN 539.1 billion. However, when adjusted for the impact of exchange rate fluctuations, it remained virtually unchanged. On the other hand, bank debt of corporates – accounting for the impact of exchange rate fluctuations – posted a slight drop. This is the result of banks’ lending policy tightening in both 2012 Q3 and Q4 as suggested by the NBP’s publication “Situation in the credit market”.
Bank debt of the central government sector sank markedly, namely by PLN 13.8 billion or by 12.7%.
See: full money supply data, January 2013