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230317
Increase in money supply growth
statistikk
2015-11-02T10:00:00.000Z
Banking and financial markets
en
pengemengde, Monetary aggregates, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false
Money supply growth.

Monetary aggregates, September 2015

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Increase in money supply growth

The twelve-month growth in the monetary aggregate M3 was 4.9 per cent to end-September, up from 3.7 per cent the previous month. Households’ growth in M3 was 5.8 per cent to end-September, marginally up from 5.7 per cent the previous month.

Monetary aggregate M3, 12-month growth (per cent)Published 2 November 2015
June 2015July 2015August 2015September 2015
Money holding sector4.65.63.74.9
Other financial corporations-8.2-8.0-4.4-1.0
Municipal government3.58.33.84.4
Non-financial corporations5.17.61.94.6
Households etc.6.36.25.75.8

Source: Statistics Norway

Figure 1. Monetary aggregate M3. Twelve-month growth

The twelve-month growth in households’ money supply was lower than the growth in households’ gross domestic debt, which was 6.4 per cent to end-September according to the credit indicator C2.

The money supply growth for non-financial corporations was 4.6 per cent to end-September, while the growth for municipal government was 4.4 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was -1.0 per cent to end-September.

More than half of the money supply in households

The monetary aggregate M3 was NOK 1 911 billion at the end of September, up from NOK 1 901 billion the previous month. Households account for more than half of the total monetary aggregate M3. At end-September this broad monetary aggregate amounted to NOK 1 108 billion, down from NOK 1 116 billion at end-August.

The money supply for non-financial corporations was NOK 592 billion at end-September, up from NOK 583 billion at end-August. The money supply for municipal government and other financial corporations amounted to NOK 81 billion and NOK 130 billion respectively.

Steady composition of money supply

The composition of the money supply remains steady after the restructuring of the M3 statistics. Transaction deposits accounted for 89.2 per cent of the total money supply, while other deposits accounted for 8.0 per cent at the end of September. Notes and coins accounted for 2.4 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-September.