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Money supply in May 2015

Publication date: 12-06-2015

May saw a sharp rise in the M3 money supply. Household and corporate debt also grew significantly.

According to preliminary data on money supply released by Narodowy Bank Polski on 12 June, the stock of money increased considerably in May. At the end of the month, the M3 aggregate reflecting the total money supply amounted to PLN 1,067.3 billion. This represented an increase of PLN 9.9 billion (or 0.9%) on the end-of-April figure.

In May, the largest increase in deposits was seen in the corporate sector, with corporate deposits rising by PLN 3.8bn (i.e. 1.8%) to PLN 213.7bn. It should be noted that May was only the second month this year in which corporate deposits rose. The value of household deposits also rose after a slight fall in the previous month. At the end of May they amounted to PLN 605.4bn, having risen by PLN 2.1bn (i.e. 0.4%) on the end of the previous month.

According to preliminary data, the rise in M3 money supply was mainly caused by bank lending to households and corporates. May saw a significant increase in total liabilities – by PLN 14.2bn (i.e. 1.4%). Non-transactional changes associated with exchange rate fluctuations had a significant influence on the size of this increase. After adjustment for these changes, the total claims on borrowers increased in May by PLN 5.6bn (i.e. 0.5%).

Banks’ claims on households increased in May by PLN 9.7bn (i.e. 1.6%) to PLN 619.2bn, while claims on corporates increased by PLN 4.2bn (i.e. 1.4%) to PLN 307.5bn. After adjustment for the influence of exchange rate fluctuations, the increase in claims amounted to PLN 3.2bn and PLN 2.2bn, respectively.

May saw the first monthly increase this year in the debt of central government institutions – by PLN 0.5bn (i.e. 0.3%) to PLN 150.6bn.

See full money supply data, May 2015

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