Unchanged money supply growth

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The twelve-month growth in the monetary aggregate M3 was 6.6 per cent to end-December, unchanged from the previous month. Households’ growth in M3 was 4.4 per cent to end-December, up from 4.1 per cent the previous month.

The twelve-month growth in households’ money supply was lower than the growth in households’ domestic debt, which was 6.5 per cent to end-December according to the credit indicator C2.

The  money supply growth for non-financial corporations was 8.4 per cent to end-December, while the growth for municipal government was 13.6 per cent. The money supply growth for other financial corporations was 11.9 per cent to end-December, according to new figures from theMonetary aggregates statistics.

Figure 1. Monetary aggregate M3. Twelve-month growth

Money-holding sector Households Non-financial corporations
Dec. 2011 6.4 7.9 4.6
Jan. 2012 6 7.6 3.5
Feb. 2012 6.3 7.7 4.8
Mar. 2012 6.8 8.7 3
Apr. 2012 5.2 8.3 0.2
May 2012 3.3 8.6 -4.2
June 2012 5.7 8.8 1.2
July 2012 5.2 7.9 2
Aug. 2012 5.3 8.5 -0.5
Sept. 2012 5 8.8 -0.9
Oct. 2012 4 7.3 -0.8
Nov. 2012 5.3 7.2 3.2
Dec. 2012 4.8 6.8 1.4
Jan. 2013 4.9 6.8 2.1
Feb. 2013 3.8 6.5 -0.5
Mar. 2013 3.8 6.3 -0.5
Apr. 2013 4.1 5.8 1.3
May 2013 6.1 5.9 6
June 2013 4.7 6 2.8
July 2013 5.2 5.8 4.3
Aug. 2013 6.1 6.5 8.3
Sept. 2013 4 5.7 4.3
Oct. 2013 4.5 6.1 4.5
Nov. 2013 4.2 6.4 3.1
Dec. 2013 6.1 6.3 5.9
Jan. 2014 5.2 6.3 5
Feb. 2014 5.7 6.4 6
Mar. 2014 5.8 5.8 8.4
Apr. 2014 6.3 6.5 6.2
May 2014 5.4 6.7 3.7
June 2014 6.8 6.2 5.6
July 2014 5.3 6.3 2.9
Aug. 2014 5.9 6.6 3.8
Sept. 2014 6.4 6.6 5.6
Oct. 2014 5.4 6.5 5.2
Nov. 2014 5.7 7 4.3
Dec. 2014 5.5 7.4 4.5
Jan. 2015 5.6 7.2 3.9
Feb. 2015 4.9 7.2 2.1
Mar. 2015 6 6.7 6
Apr. 2015 4.9 6.7 3.6
May 2015 5.7 7.4 6.5
June 2015 4.6 6.3 5.1
July 2015 5.6 6.2 7.5
Aug. 2015 3.5 5.7 1.5
Sept. 2015 4.6 5.8 4.1
Oct. 2015 5.5 6.2 3.3
Nov. 2015 4.1 5.2 3.1
Dec. 2015 3.1 5.1 0.7
Jan. 2016 3.1 5.5 0.6
Feb. 2016 4.4 5.1 5
Mar. 2016 3.6 5.4 0.7
Apr. 2016 5.3 5.8 5.7
May 2016 3.2 4.6 0.6
June 2016 4.6 5.3 2.6
July 2016 4.6 5.8 2
Aug. 2016 5.8 5.2 6.9
Sept. 2016 6.8 5.3 8.3
Oct. 2016 6.2 4.9 9.2
Nov. 2016 6.6 5.1 9.3
Dec. 2016 5.4 4.1 8.2
Jan. 2017 6.5 3.1 11.6
Feb. 2017 6.6 3.4 11.6
Mar. 2017 7.4 3.5 15.4
Apr. 2017 7.1 3.6 12.7
May 2017 7.4 3.7 15.5
Jun. 2017 7.1 3.8 15.4
July 2017 7.7 3.2 15.4
Aug. 2017 6.7 3.5 12.7
Sept. 2017 6.4 4 11.8
Oct. 2017 6.8 4.1 11.6
Nov. 2017 6.6 4.1 10.3
Dec. 2017 6.6 4.4 8.4

More than half of M3 held by households

The monetary aggregate M3 was NOK 2 148 billion at the end of December, down from NOK 2 162 billion the previous month. More than half of M3 is held by households. At end-December this amounted to NOK 1 223 billion, up from NOK 1 206 billion at end-November.

The money supply for non-financial corporations was NOK 692 billion at end-December, down from NOK 714 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 102 billion and NOK 131 billion respectively.

Steady composition of the money supply

The composition of the money supply remains steady. Transaction deposits accounted for 88.4 per cent of the total money supply, while other deposits accounted for 9.0 per cent at the end of December. Notes and coins accounted for 2.1 per cent, while  repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-December.

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