The money supply M2, April 2009

The money supply amounted to NOK 1 484 billion at end-April, down from NOK 1 494 billion at end-March. The money supply fell for the third month in a row.

Declining growth for other financial enterprise and household money supply

Other financial enterprise money supply (other than state lending institutions, banks and money market funds) amounted to NOK 132 billion at end-April, down from NOK 139 billion at end-March. The twelve-month growth was -10.2 per cent to end-April, down from

-3.2 per cent to the previous month, and was the lowest growth since October 2006.

At end-April, more than half (NOK 790 billion) of the broad monetary aggregate was owned by households. The twelve-month growth in household money supply decreased from 6.8 per cent to 6.2 per cent during April. The growth in household money supply was lower than the growth in household gross domestic debt, which was 6.6 per cent to end-March, as shown by the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Non-financial enterprise money supply pulls down the growth

Non-financial enterprise money supply amounted to NOK 503 billion at end-April, down from NOK 511 billion at end-March. The twelve-month growth was -0.8 per cent, down from -0.6 per cent in the previous month. This growth rate was negative for the sixth month in a row, from more than 20 per cent as recently as December 2007. Non-financial enterprise money supply constituted 42 per cent of their gross domestic debt measured by the credit indicator C2 at end-March.

Growth in base money

Base money (see below) amounted to NOK 140 billion at end-April, up from NOK 118 billion at end-March. This increase is connected to increased bank deposits in Norges Bank of more than NOK 20 billion during April after a decline of more than NOK 40 billion during March.