Statistikk innhold

Statistics about

Monetary aggregates

The main focus of the monetary aggregate statistics is the twelve-month growth of the money-holding sectors’ stock of money and other highly liquid financial assets. Calculations of transactions and growth are adjusted for changes caused by exchange rate fluctuations and non-transactional breaks.

Updated: 26 March 2025
Next update: 30 April 2025

Selected figures from this statistics

  • Monetary aggregate M3. Twelve-month growth. Per cent
    Download table as ...
    Monetary aggregate M3. Twelve-month growth. Per cent
    November 2024December 2024January 2025February 2025
    Money holding sector4.22.84.45.7
    Households etc.6.25.56.47.3
    Non-financial corporations2.2-0.51.52.5
    Municipal government1.7-7.2-5.9-2.9
    Other financial corporations0.75.110.014.7
    Download table as ...
    Explanation of symbols
    Source
    StatBank source table 10949
  • Monetary aggregates M3, 12-month growth. Per cent

    Source: StatBank source table 10949
  • Monetary aggregate M3, by money holding sectors. NOK million

    Source: StatBank source table 10949
  • Monetary aggregate M3, by financial instrument. NOK million

    Source: StatBank source table 10947
See all figures from this statisticsWe have more figures for this statistics in the Statbank. Create charts and tables with the figures you need.

About the statistics

The information under «About the statistics» was last updated 3 May 2021.

The money-issuing sector consists of Norges Bank (The central bank of Norway), banks and mortgage companies (MFIs). In the monetary base M0 the money-issuing sector consists of Norges Bank.

The money-neutral sector consists of the central government, state lending institutions etc. and foreign sectors.

The money-holding sector consists of all sectors not included in the money-issuing or money-neutral sector, i.e. the general public (municipalities, non-financial corporations, nonprofit organisations and households) and financial corporations that are not MFIs.

The monetary base M0 is defined as the sum of Norwegian notes and coins in circulation and the MFIs’ and the money-holding sector's deposits in Norges Bank.

Narrow money M1 is defined as the money-holding sector's stock of Norwegian banknotes and coins (currency in circulation) and their transaction deposits in Norwegian kroner and foreign currency. Transaction deposits compromise deposits from which, regardless of purpose, payments and withdrawals may be made directly, without additional costs beyond regular transaction fees (overnight deposits).

Intermediate money M2 is defined as the sum of M1 and the money-holding sector's deposits in Norwegian kroner and foreign currency with period of notice up to three months or agreed maturity of up to two years.

Broad money M3 is defined as the sum of M2 and marketable instruments issued by the MFI sector. This includes repurchase agreements and debt securities/bonds with an original maturity of up to two years.

The classification of most financial instruments and sectoral structure used in the monetary aggregates follows the principles of the Monetary and Financial Statistics Manual (MFSM) and the Manual on MFI Balance Sheet Statistics (see coherence with other statistics section).

The monetary aggregates have two different breakdowns; holding sector and money supply object. Holding sector is a breakdown of the money-holding sector, by other financial corporations, non-financial corporations, municipalities and households. Money supply objects are currency in circulation, transaction deposits, other deposits, debt securities and repurchase agreements.

Relatert innhold