The money supply M2, July 2009

The money supply amounted to NOK 1 531 billion at end-July, down from NOK 1 533 billion at end-July.

Increased growth in non-financial enterprise money supply

Non-financial enterprise money supply amounted to NOK 519 billion at end-July. The twelve-month growth was 2.5 per cent to end-July, up from 1.7 per cent to the previous month. The growth in non-financial enterprise money supply was positive for the third month in a row after having been negative during the whole period November 2008-April 2009. Non-financial enterprise money supply constituted 43.5 per cent of their gross domestic debt measured by the credit indicator C2 at end-July. As recently as in December 2007, this ratio was higher than 50 per cent.

Continued negative growth in other financial enterprise money supply

Other financial enterprise money supply (other than state lending institutions, banks and money market funds) amounted to NOK 125 billion at end-July. The twelve-month growth was -10.5 per cent to end-July, down from -7.1 per cent to the previous month.

Unaltered growth in household money supply

At end-July, more than half (NOK 823 billion) of the broad monetary aggregate was owned by households. The twelve-month growth in household money supply was 5.9 per cent to end-July, unchanged from the previous month. The growth in household money supply was lower than the growth in household gross domestic debt, which was 6.5 per cent to end-July, as shown by the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 531 billion at end-July, of which the major part (90.8 per cent) consisted of bank deposits. In comparison, notes and coins only accounted for 3 per cent of the broad money. The rest of the broad money mainly consisted of shares in money market funds (5.6 per cent), while certificates of deposits accounted for 0.6 per cent.