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Money supply in December 2015

Publication date: 14-01-2016

NBP data: In December 2015, the M3 money supply increased by PLN 25.4bn in nominal terms. There was a rise in household deposits, and – to a smaller extent – in corporate deposits. The main counterpart to money growth was net lending to the government sector.

According to preliminary data on money supply, released by NBP on 14 January 2016, the stock of money increased in December 2015. At the end of the month, the M3 aggregate, which reflects the total money supply, amounted to PLN 1,155.7bn, representing a PLN 25.4bn (or 2.2%) increase on the end-of-November figure.

The M3 elements primarily responsible for the M3 growth were household and corporate deposits. Household deposits increased by PLN 14.8bn (or 2.3%), to PLN 645.9bn. The rise in corporate deposits was also considerable. These deposits totalled PLN 249.4bn, having risen by PLN 11.5bn (or 4.9%) in comparison with the level observed at the end of November 2015. In contrast, local government deposits declined. At the end of December 2015, these amounted to PLN 24.5bn, almost PLN 3.5bn (or 12.4%) less than at the end of November.

Lending to corporates shrank by PLN 4.4bn (or 1.3%), to stand at PLN 324.5bn. There was a slight increase in household debt, which rose by PLN 1.2bn (0.2%), to reach PLN 632.6bn. On the other hand, the debt of non-monetary institutions rose substantially. Claims on those entities rose by PLN 4.3bn (or 7.6%), to PLN 60.4bn. Polish banks' claims on government institutions increased by PLN 31.4bn (or 18.3%) in December 2015, hitting the level of PLN 202.8bn.

See full money supply data, December 2015

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