4361_not-searchable
/en/bank-og-finansmarked/statistikker/m2/maaned
4361
Rise in money supply growth
statistikk
2009-06-30T10:00:00.000Z
Banking and financial markets
en
m2, The money supply M2, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

The money supply M2, May 2009

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Rise in money supply growth

The twelve-month growth in total money supply was 4 per cent to end-May, up from 1.9 per cent to end-April. Most of the increase in the M2 growth came from non-financial enterprises.

The money supply amounted to NOK 1 504 billion at end-May, up from NOK 1 484 billion at end-April. This rise in money supply was the first in four months.

Money supply (M2) - growth

Positive growth in non-financial enterprise money supply

Non-financial enterprise money supply amounted to NOK 512 billion at end-May, up from NOK 503 billion at end-April. The twelve-month growth was 2.7 per cent, up from -0.8 per cent in the previous month. The growth in non-financial enterprise money supply was positive for the first time since October 2008. Non-financial enterprise money supply constituted 42 per cent of their gross domestic debt measured by the credit indicator C2 at end-May.

Increasing growth also for other financial enterprise money supply

Other financial enterprise money supply (other than state lending institutions, banks and money market funds) amounted to NOK 140 billion at end-May, up from NOK 132 billion at end-April. The twelve-month growth was -3.6 per cent to end-April, up from -10.2 per cent to the previous month.

Steady growth for household money supply

At end-May, more than half (NOK 790 billion) of the broad monetary aggregate was owned by households. The twelve-month growth in household money supply was 6.2 per cent to end-May, equivalent growth to the previous month. The growth in household money supply was lower than the growth in household gross domestic debt, which was 6.4 per cent to end-May, as shown by the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Monetary aggregates, growth (per cent)
  December 2008 January 2009 February 2009 March 2009 April 2009 May 2009
M0 - 12 mth. 43.0  103.4  147.1 39.1 80.6 72.1
M1 - 12 mth. -5.1 -4.5 -4.0 -4.0 -4.5 -1.3
M2 - 12 mth. 2.3 3.3 2.9 3.1 1.9 4.0
M2 - 3 mth. moving average -0.6 0.9 1.7 2.3 3.3  
M2 households - 12 mth. 8.0 7.5 7.2 6.8 6.2 6.2
M2 non-financial enterprises - 12 mth. -5.0 -1.1 -3.1 -0.6 -0.8 2.7

The money supply (broad monetary aggregate) M2 consists of notes and coins, unrestricted bank deposits, certificates of deposit and units in money market funds owned by the money-holding sector i.e. households, non-financial enterprises, municipalities and financial enterprises other than state lending institutions, banks and money market funds.

The base money (M0) is defined as banks and the money-holding sector's (see above) notes and coins and deposits with Norges Bank. Banks’ deposits with Norges Bank comprise current account (sight) deposits and fixed rate (time) deposits (F-deposits), from Norges Bank’s monthly balance sheet.