Narodowy Bank Polski

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Money supply in September 2015

Publication date: 14-10-2015

NBP data: September saw a significant rise in the M3 money supply. This was driven mainly by an increase in the level of corporate deposits.

According to preliminary data on money supply released by Narodowy Bank Polski on 14 October 2015, the stock of money increased significantly in September. At the end of the month, the M3 aggregate amounted to PLN 1,107.7 billion. This represented an increase of PLN 12.3 billion (i.e. 1.1%) on the end-of-August figure.

According to preliminary data, the rise in M3 money supply in September was mainly caused by an increase in the level of corporate deposits. Their value increased by PLN 8.5 billion (i.e. 3.8%) to PLN 233.0 billion. In contrast, the value of household deposits increased by PLN 1.9 billion (i.e. 0.3%) to PLN 619.6 billion.

Banks’ lending activity to corporates and non-monetary financial institutions had the strongest impact on the increase in M3. Banks’ claims on corporates rose by PLN 6.0 billion (i.e. 1.9%) to the level of PLN 326.1 billion. Banks’ claims on non-monetary financial institutions increased by PLN 2.4 billion (i.e. 4.3%) to the level of PLN 59.3 billion. In September 2015, only a small nominal increase in banks’ claims on households was observed – they increased by PLN 0.5 billion (i.e. 0.1%) to the level of PLN 626.2 billion. After adjustment for exchange rate fluctuations, the increase in claims on this sector was greater and amounted to PLN 2.2 billion (i.e. 0.3%).

See full money supply data, September 2015

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