Money supply in November 2015
Publication date: 14-12-2015
NBP data: November 2015 saw a further rise in the M3 money supply. This was an effect of the deposit holdings of households and enterprises.
According to preliminary data on money supply released by Narodowy Bank Polski on 14 December 2015, the stock of money rose again in November 2015. At the end of the month, the M3 aggregate amounted to PLN 1,134.6bn, which represented an increase of PLN 11.9bn (or 1.1%) compared to the end-of-October figure.
The preliminary data show that the rise in the M3 money supply was mainly caused by an increase in the level of deposits of households and enterprises.
November was the second consecutive month that saw an increased inflow of funds on bank accounts of households. The value of deposits in this sector rose by PLN 6.6bn (i.e. 1.1%) to PLN 632.4bn. The value of corporate deposits increased by PLN 5.6bn (i.e. 2.4%) to PLN 238.0bn. On the other hand, the value of non-monetary financial institutions' deposits fell slightly, by PLN 0.9bn (i.e. 1.8%), to PLN 50.8bn.
On the side of counterparts to money supply, banks’ lending to enterprises and households had the strongest impact on the increase of M3. And the decrease in money supply was driven by a fall in net debt of central government institutions.
The enterprise sector recorded the biggest growth of indebtedness. The banks’ claims on corporates rose by PLN 3.0bn (i.e. 0.9%) to PLN 330.2bn. Indebtedness of household rose by PLN 1.7bn (i.e. 0.3%) to PLN 631.6bn. On the other hand, net debt of central government institutions decreased by PLN 2.0bn (i.e. 1.2%) to PLN 173.5bn. Indebtedness of the non-monetary institutions sector also decreased – for the second consecutive month – by PLN 0.7bn (i.e. 1.3%) to PLN 56.1 bn.
See full money supply data, November 2015