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Money Supply in February 2013

Publication date: 14-03-2013

NBP data: In February, the M3 money supply expanded by 0.8% in nominal terms. Both household and corporate bank debt remained largely unchanged.

On 14 March 2013, the National Bank of Poland released data on the February money supply. They show a rise of PLN 7.4bn, or 0.8%, in the M3 aggregate in comparison with the end-of -January figure.

Corporate deposits increased by a mere 0.5.%, or PLN 0.9bn in that period. This follows a decrease of PLN 11.5bn (i.e. 6.1%) in January, which, however, is typical of the month for accounting reasons and due to disbursement of annual bonuses. Household deposits increased by nearly PLN 6.8bn (or 1.3%), i.e. slightly more than a month ago (in January household deposits grew by PLN 6.1bn). As at the end of February, total household deposits at banks were in excess of PLN 527.7bn.

In the analysed period there was only a marginal increase – of 0.2% or PLN 1.0bn – in household debt, which reached PLN 540bn. Corporate debt remained unchanged and stood at PLN 270.8bn at the end of the month.

In contrast, government sector debt owed to banks rose substantially in February – by PLN 21.6bn, or 22.7%.

See full money supply data, February 2013.

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