Narodowy Bank Polski

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Money supply in March 2015

Publication date: 14-04-2015

The M3 money supply expanded considerably in March. The primary driver of this growth was corporate deposits.

According to preliminary data on money supply released by Narodowy Bank Polski on 14 April, the stock of money increased considerably in March. At the end of the month, the M3 aggregate reflecting the total money supply amounted to PLN 1,066.4 billion. This represented an increase of PLN 13.4 billion (or 0.8%) on the end-of-February figure.

Corporate deposits rose by PLN 6.7bn (i.e. 3.2%) in March, to stand up to PLN 216.2bn. This monthly increment was twice the size of the change recorded a year before. For the second month running, local government units saw a significant increase in their deposits - one of PLN 2.4bn (or 8.8%), up to the level of PLN 29.6bn. The stock of the sector's deposits reached the highest point since April 2014. Household deposits expanded to a smaller degree. At the end of March they amounted to PLN 604.8bn, having risen by PLN 1.5bn (or 0.3%) compared to the end of February.

On the side of the counterparts to money supply, the largest change was seen in the debt of non-monetary financial institutions, corporates and households. Banks' claims on non-monetary financial institutions rose by PLN 5.1bn (or by 9.6 %) in March; they reached PLN 57.6bn, which was the highest level on record. Corporates increased their debt by PLN 3.3bn (i.e. by 1.1%), up to PLN 305.4bn. There was a marked – in comparison with January and February 2015 – increase in household debt. At the end of March it amounted to PLN 610.5bn, having risen by PLN 3.2bn (or 0.5%) on the end of the previous month.

Since the beginning of this year, domestic banks' claims on central government institutions have been decreasing. In March, they went down by PLN 5.7bn (i.e. by 3.6%), to reach PLN 153.0bn.

See full money supply data, March 2015

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