Narodowy Bank Polski

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Money supply in July 2015

Publication date: 13-08-2015

NBP data: July saw another significant rise in the M3 money supply. Household deposits grew once again and the increase in deposits of non-monetary financial institutions was also relatively large.

According to preliminary data on money supply released by Narodowy Bank Polski on 13 August 2015, the stock of money increased again in July. At the end of the month, the M3 aggregate amounted to PLN 1,088.3 billion. This represented an increase of PLN 9.7 billion (i.e. 0.9%) on the end-of-June figure.

According to preliminary data, the rise in M3 money supply was mainly caused by an increase in the value of household deposits. At the end of July 2015 they amounted to PLN 613.3 billion, having risen by PLN 4.4 billion (i.e. 0.7%) on the end of the previous month. According to preliminary data, the value of deposits of non-monetary financial institutions also grew and reached PLN 48.2 billion, having risen by PLN 3.8 billion (i.e. 8.5%) compared to the end of June 2015. However, corporate deposits decreased slightly, reversing a steady increase during the previous months. At the end of July 2015 they amounted to PLN 222.2 billion, which represented a PLN 2 billion (i.e. 0.9%) decrease on the previous month’s figure.

The value of cash in circulation outside banks also increased. At the end of July 2015 it amounted to PLN 141.6 billion, which represented an increase of PLN 2.5 billion (i.e. 1.8%) compared to the data from June 2015.

In this same period there was a slight fall in total receivables amounting to PLN 1.4 billion (i.e. 0.1%). To a large extent this was the result of the fall in banks’ claims on households, which decreased by PLN 2.1 billion (i.e. 0.3%) to PLN 622.5 billion. However, banks’ claims on corporates grew slightly in this period by PLN 0.4 billion (i.e. 0.1%) to reach PLN 313.8 billion.

Non-transactional changes related to exchange rate fluctuations had a significant impact on the direction and magnitude of the changes in the value of receivables. After adjustment for these changes, in July 2015 the total debt of borrowers increased by PLN 3.8 billion (i.e. 0.4%), including a rise in household debt of PLN 2.3 billion (i.e. 0.4%).

July 2015 also saw the second consecutive monthly increase in the debt of central government institutions – by PLN 5.1 billion (i.e. 3.2%) to PLN 164.0 billion.

See full money supply data, July 2015

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