4337_not-searchable
/en/bank-og-finansmarked/statistikker/m2/maaned
4337
Sharp decrease in money supply growth
statistikk
2010-06-29T10:00:00.000Z
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 2010

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Sharp decrease in money supply growth

The twelve-month growth in total money supply (M2) was 1.0 per cent to end-May, down from 2.8 per cent to end-April. All sectors contributed to the decrease.

Money supply (M2) - growth

The total money supply amounted to 1 517 NOK billion by end-May, which is unaltered from the previous month.

Decrease in household money supply

Household money supply amounted to NOK 820 billion by end-May, and this constituted more than half of the total money supply. The twelve-month growth in household money supply was 3.4 per cent to end-May, down from 4.1 per cent to end-April. 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, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Decreasing growth in non-financial enterprises as well as other financial enterprises

Non-financial enterprise money supply amounted to NOK 489 billion at end-May, down from NOK 494 billion at end-April. The twelve-month growth was -3.9 per cent to end-May, down from -0.3 per cent to end-April. Non-financial enterprise money supply constituted 41 per cent of their gross domestic debt measured by the credit indicator C2 .

Other financial enterprise money supply (other than state lending institutions, banks and money market funds) amounted to NOK 144 billion at end-May, up from 135 NOK billion at end-April. The twelve-month growth was 4.9 per cent to end-May, down from 5.6 per cent to end-April.

Monetary aggregates, growth (per cent)
 
  December 2009 January 2010 February 2010 March 2010 April 2010 May 2010
 
M0 - 12 mth. -13.7 -35.1 -48.8 -27.5 -23.5 -22.4
M1 - 12 mth. 2.5 2.9 2.9 1.8 2.7 -0.8
M2 - 12 mth. 3.4 2.8 2.2 2.5 2.8 1.0
M2 - 3 mth. moving average 1.6 1.6 0.8 1.3 1.2  
M2 households - 12 mth. 3.5 3.6 3.8 3.6 4.1 3.4
M2 non-financial enterprises - 12 mth. 2.4 0.3 0.8 -0.3 -0.3 -3.9
 

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 517 billion at end-May, of which the major part, 91 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 3.0 per cent. The rest of the broad money mainly consisted of shares in money market funds and certificates of deposits, which accounted for 5.8 and 0.3 per cent respectively.

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.


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