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/en/bank-og-finansmarked/statistikker/m2/maaned
4369
Increased growth in money supply
statistikk
2009-03-13T10:00:00.000Z
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, January 2009

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Increased growth in money supply

The twelve-month growth in total money supply was 3.9 per cent to end-January, up from 3.0 per cent to end-December. Most of the increase in the M2 growth came from non-financial enterprises.

The money supply amounted to NOK 1 514 billion at end-January, up from NOK 1 505 billion at end- December. The growth in money supply decreased almost through the whole of 2008.

Money supply (M2) - growth

Increasing growth for non-financial enterprise money supply

Non-financial enterprise money supply amounted to NOK 523 billion at end-January. The twelve-month growth was -0.1 per cent, up from -4.1 per cent to the previous month. Non-financial enterprise money supply constituted 44 per cent of their gross domestic debt measured by the credit indicator C2 at end-January.

Other financial enterprise and household money supply pulls down the growth

The twelve-month growth for other financial enterprise money supply (other than state lending institutions, banks and money market funds) was -1.2 per cent to end-January, down from 2.9 per cent to end-December. This decrease in growth is connected to the rise in these bank deposits in January 2008 (basis effect). Other financial enterprise money supply amounted to NOK 141 billion at end-January.

At end-January, more than half (NOK 804 billion) of the broad monetary aggregate was owned by households. The twelve-month growth in household money supply decreased from 8.9 per cent to 8.3 per cent during January. The growth in household money supply was higher than the growth in household gross domestic debt, which was 6.8 per cent to end-January, as shown by the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Monetary aggregates, growth (per cent)
  August 2008 September 2008 October 2008 November 2008 December 2008 January 2009
M0 - 12 mth. 16.4 21.6 59.8  115.8 43.0  103.4
M1 - 12 mth. 2.8 -2.4 -3.9 -4.2 -5.3 -4.5
M2 - 12 mth. 8.2 5.6 6.8 6.3 3.0 3.9
M2 - 3 mth. moving average 3.8 6.1 4.2 4.2 1.5  
M2 households - 12 mth. 8.0 6.9 7.5 7.7 8.9 8.3
M2 non-financial enterprises - 12 mth. 3.6 2.6 0.5 -0.5 -4.1 -0.1

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 514 billion at end-January, of which the major part (89.7 per cent) consisted of bank deposits. In comparison, notes and coins only accounted for 3.0 per cent of the broad money. The rest of the broad money mainly consisted of shares in money market funds (6.5 per cent), while certificates of deposits accounted for 0.7 per cent.

Revision of data
Note that part of the money supply statistics data has been considerably audited. The transactions data is affected as a consequence of improved calculation of revaluations. The stocks have also been audited, particularly the counterparts and the seasonally adjusted stocks.

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 households, non-financial enterprises, municipalities and financial enterprises other than state lending institutions, banks and money market funds.