Narodowy Bank Polski

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Money Supply in December

Publication date: 14-01-2015

NBP data: In December, money supply M3 increased by PLN 27.7bn in nominal terms. Household deposits, and – to a lesser extent – corporate deposits rose. Debt of households decreased. The corporate sector also recorded a decline in debt levels – following a rise in November. The main counterpart behind the expansion of money supply was net debt of government institutions.

Preliminary data posted by NBP on 14 January show that money stock to have risen in December. The M3 aggregate, which reflects the total money supply, amounted to PLN 1,061.1bn at the end of the month, and was by PLN 27.7bn (i.e. by 2.7%) higher than at the end of November.

The component that primarily drove the monthly M3 growth were household deposits, which increased by PLN 15.4.bn (i.e. by 2.7%) to reach PLN 591.8bn. Corporate deposits growth was somewhat weaker. At the end of December their stock amounted to PLN 225.8bn, having risen by PLN 12.4bn (i.e. by 5.8%) on the end-of-November figure. On the other hand, deposits of social insurance funds decreased. At the end of December they stood at nearly PLN 3.0bn, which represents a decline of PLN 2.0bn (i.e. by 39.2%) on the end of November.

Bank claims on corporates sank by PLN 4.2bn (i.e. by 1.4%) and stood at PLN 298.8bn. Household debt decreased slightly, by PLN 0.4bn (i.e. by 0.1%) to reach PLN 593.1bn. Debt of non-monetary financial institutions rose for a third consecutive month. The debt owed by these entities went up by PLN 3.0bn (i.e. by 5.7%) to nearly PLN 55bn. Domestic banks’ claims on government institutions rose by PLN 18.2bn (i.e. by 11.1%) in December, to stand at PLN 168.7bn.

See full money supply data, December 2014.

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