Narodowy Bank Polski

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Increase in money supply in October

Publication date: 14-11-2013

NBP data: Last month saw a slight increase in bank deposits of households. Household loan-related debt was also growing, albeit at a slower rate.

According to the preliminary data on money supply released by NBP on 14 November 2013, M3 aggregate, which reflects the aggregate value of money supply, increased by 0.9% as against end-September, reaching PLN 955.8bn.

The amount of cash in circulation remained unchanged, and stood at PLN 113.2bn. Neither was there any major change in deposits of individuals in October. Following their drop in September, in the consecutive month deposits of individuals rose in nominal terms by approx. PLN 0.7bn, to PLN 531.6bn. A more pronounced growth – by PLN 3.6bn – was recorded in corporate bank deposits.

At the same time, corporate bank debt diminished by 0.8% in nominal terms and by 0.6% in real terms, i.e. when adjusted for non-transaction-related changes, including in particular changes in the exchange rate of the zloty. In nominal terms, the value of bank household debt also decreased, to PLN 560.4bn, although in real terms it went up by 0.5%. NBP analysts point to the fact that as of 2013 Q2, both consumer credit and housing loans segments have shown some signals of revival.

See full money supply data, October 2013.

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