Monetary aggregates, October 2015

The twelve-month growth in households’ money supply was equal to the growth in households’ gross domestic debt according to the credit indicator C2.

The money supply growth for non-financial corporations was 3.3 per cent to end-October, while the growth for municipal government was 16.3 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was 3.3 per cent to end-October.

More than half of the money supply in households

The monetary aggregate M3 was NOK 1 929 billion at the end of October, up from NOK 1 911 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-October households’ money supply amounted to NOK 1 109 billion, marginally up from NOK 1 108 billion at end-September.

The money supply for non-financial corporations was NOK 601 billion at end-October, up from NOK 592 billion at end-September. The money supply for municipal government and other financial corporations amounted to NOK 82 billion and NOK 137 billion respectively.

Steady composition of money supply

The composition of the money supply remains steady. Transaction deposits accounted for 89.3 per cent of the total money supply, while other deposits accounted for 7.9 per cent at the end of October. 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-October.