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4347
Growth in household money supply reduced
statistikk
2010-02-01T10:00:00.000Z
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, December 2009

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Growth in household money supply reduced

The twelve-month growth in total money supply (M2) was 3.3 per cent to end-December, up from 2.4 per cent to end-November. Meanwhile, the growth in household money supply was further reduced since the last month.

Money supply (M2) - growth

The total money supply amounted to NOK 1 528 billion by end-December, which is an increase from NOK 1 501 billion to end-November.

Household money supply amounted to NOK 818 billion by end-December, and this constituted more than half of the total money supply. The twelve-month growth in household money supply was 3.6 per cent to end-December, down from 5.0 to the previous month. The growth in household money supply was lower than the growth in household gross domestic debt, which was 6.7 per cent to end-December, as shown by the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Increase in non-financial enterprise money supply growth

Non-financial enterprise money supply amounted to NOK 511 billion at end-December. The twelve-month growth was 2.3 per cent to end-December, up from 1.6 per cent to the previous month. Non-financial enterprise money supply constituted 44.0 per cent of their gross domestic debt measured by the credit indicator C2 . As a comparison, this ratio was higher than 50 per cent in December 2007.

Increased growth in the money supply also from other financial enterprises

Other financial enterprise money supply (other than state lending institutions, banks and money market funds) amounted to NOK 145 billion at end-December. The twelve-month growth was 4.4 per cent to end-December, up from -9.3 per cent to end-November.

Monetary aggregates, growth (per cent)
  July
2009 		August
2009 		September
2009 		October
2009 		November
2009 		December
2009
M0 - 12 mth.  116.1 18.7 22.7 -21.2 -43.6 -13.7
M1 - 12 mth. -0.5 -2.0 1.6 5.2 4.1 2.3
M2 - 12 mth. 3.4 2.2 3.1 2.3 2.4 3.3
M2 - 3 mth. moving average 4.7 2.5 0.9 1.3 1.3  
M2 households - 12 mth. 5.9 5.7 5.7 5.7 5.0 3.6
M2 non-financial enterprises - 12 mth. 2.5 -0.7 -0.2 2.5 1.6 2.3

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 528 billion at end-December, of which the major part (90.8 per cent) consisted of bank deposits. In comparison, notes and coins only accounted for 3.2 per cent of the broad money. The rest of the broad money mainly consisted of shares in money market funds (5.7 per cent), while certificates of deposits accounted for 0.3 per cent.

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.