Narodowy Bank Polski

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Money supply in April 2015

Publication date: 14-05-2015

April saw a sharp fall in the M3 money supply. Such a fall is typical for January, in other months it occurs extremely rarely.

According to preliminary data on money supply released by Narodowy Bank Polski on 14 May, the stock of money decreased in April. At the end of the month, the M3 aggregate reflecting the total money supply amounted to PLN 1,057.6 billion. This represented a decrease of PLN 10.0 billion (i.e. 0.9%) on the end-of-March figure. This month-on-month decline in the M3 money supply was mainly due to the decrease in deposits and other banks’ liabilities towards enterprises by PLN 6.4 billion, after their rise in the previous month by PLN 6.6 billion.

Corporate deposits dropped by PLN 6.4 billion (i.e. 3.0%) in April, to PLN 209.8 billion. The month was characterised by diverse changes in corporate deposits – in the previous five years, besides slight increases there were also significant declines. Household deposits dropped slightly. At the end of April they amounted to PLN 603.6 billion, having fallen by PLN 1.2 billion (i.e. 0.2%) compared to the end of March.

On the side of the counterparts to money supply, the largest change was seen in the debt of non-monetary financial institutions. Banks' claims on non-monetary financial institutions dropped by PLN 3.7 billion (i.e. by 6.5 %) in April to PLN 53.7 billion. Corporates reduced their debt for the first time this year by PLN 2.3 billion (i.e. by 0.7%) to PLN 303.2 billion. This fall was the result of a strengthening of the Polish zloty against the main foreign currencies. It is estimated that after adjustment for the influence of exchange rate fluctuations, there was an increase of over PLN 2 billion.

Domestic banks' claims on central government institutions continue to decrease. In April, they went down by PLN 3.1 billion (i.e. by 2.0%), to reach PLN 149.9bn.

See full money supply data, April 2015

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