Weaker money supply growth

The twelve-month growth in households’ money supply was lower than the growth in households’ domestic debt, which was 6.4 per cent to end-November according to the credit indicator C2.

The money supply growthfor non-financial corporations was 10.3 per cent to end-November, while the growth for municipal government was 5.4 per cent. The money supply growth for other financial corporations was 12.3 per cent to end-November, according to new figures from the Monetary aggregates statistics.

More than half of M3 held by households

The monetary aggregate M3 was NOK 2 162 billion at the end of November, down from NOK 2 164 billion the previous month. More than half of M3 is held by households. At end-November this amounted to NOK 1 206 billion, down from NOK 1 210 billion at end-October.

The money supply for non-financial corporations was NOK 714 billion at end-November, down from NOK 717 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 105 billion and NOK 137 billion respectively.

Steady composition of the money supply

The composition of the money supply remains steady. Transaction deposits accounted for 88.3 per cent of the total money supply, while other deposits accounted for 9.3 per cent at the end of November. Notes and coins accounted for 1.9 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-November.