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Money supply in January 2016

Publication date: 12-02-2016

NBP data: January 2016 saw a decline in the M3 money supply by PLN 4.2bn, which is typical of the first month of the year.

According to preliminary data on money supply released by Narodowy Bank Polski on 12 February 2016, the stock of money decreased in January 2016. At the end of the month, the M3 aggregate, which reflects the total money supply, amounted to PLN 1,151.2bn and was by PLN 4.2bn (i.e. by 0.4%) lower than at the end of December 2015.

The primary factor influencing the size and vector of the M3 monthly change were corporate deposits whose value dropped by PLN 12.3 billion (or by 4.9%) to PLN 237.1 billion. This development, which is typical of January, was a result of the rebuilding of balances of current accounts at the start of a new financial year and payouts of annual premiums and bonuses for employees. The fall in the value of social insurance funds’ deposits by PLN 2.0 billion (i.e. by 38.1%) to PLN 3.3 billion also played an important role. On the other hand, the factor significantly limiting the M3 decline was the increase in household deposits by PLN 6.9 billion (i.e. by 1.1%) to PLN 652.9 billion.

The decline in the M3 money supply was most strongly driven by the decrease in the net debt of central government institutions and non-monetary financial institutions. The debt of local government institutions fell by PLN 4.4 billion (i.e. by 2.2%) to PLN 196.9 billion. The liabilities of non-monetary financial institutions towards banks declined by PLN 3.8 billion (i.e. by 6.2%) to PLN 56.9 billion. The highest rise in debt was recorded in the enterprise sector – by PLN 12.4 billion (i.e. by 3.8%) to PLN 336.5 billion. Claims on households also increased – by PLN 4.6 billion (i.e. 0.7%) to PLN 637.1 billion. The nominal increase in debt in these sectors was strongly affected by non-transactional changes, associated mainly with the weakening of the zloty against the primary foreign currencies.

See full money supply data, January 2016

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