4345_not-searchable
/en/bank-og-finansmarked/statistikker/m2/maaned
4345
Reduced money supply growth
statistikk
2010-03-01T10:00:00.000Z
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 2010

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Reduced money supply growth

The twelve-month growth in total money supply (M2) was 2.7 per cent to end-January, down from 3.4 per cent to end-December. Non-financial enterprises contributed the most to the reduction.

The total money supply amounted to NOK 1 536 billion by end-January, an increase from NOK 1 530 billion to end-December.

Decrease in non-financial enterprise money supply growth

Non-financial enterprise money supply amounted to NOK 510 billion at end-January. The twelve-month growth was 0.1 per cent to end-January, down from 2.3 per cent the previous month. Non-financial enterprise money supply constituted 43.7 per cent of their gross domestic debt measured by the credit indicator C2 . As a comparison, this ratio was 50 per cent in January 2008.

Money supply (M2) - growth

Reduced growth in the money supply also from other financial enterprises

Other financial enterprise money supply (other than state lending institutions, banks and money market funds) amounted to NOK 149 billion at end-January. The twelve-month growth was 5.0 per cent to end-January, down from 5.9 per cent to end-December.

Slight increase in household money supply

Household money supply amounted to NOK 826 billion by end-January, and this constituted more than half of the total money supply. The twelve-month growth in household money supply was 3.6 per cent to end-January, up from 3.5 per cent the previous month. The growth in household money supply was lower than the growth in household gross domestic debt, which was 7.0 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)
 
  Aug 2009 Sep 2009 Oct 2009 Nov 2009 Dec 2009 Jan 2009
 
M0 - 12 mth. 18.7 22.7 -21.2 -43.6 -13.7 -35.1
M1 - 12 mth. -1.9 1.8 5.4 4.3 2.5 2.9
M2 - 12 mth. 2.2 3.2 2.4 2.5 3.4 2.7
M2 - 3 mth. moving average 2.4 1.5 2.0 2.0 1.5  
M2 households - 12 mth. 5.7 5.7 5.7 4.9 3.5 3.6
M2 non-financial enterprises - 12 mth. -0.7 -0.2 2.5 1.6 2.3 0.1
 

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 536 billion at end-January, of which the major part (91.1 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 (5.7 per cent), while certificates of deposits accounted for 0.3 per cent.

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 the money-holding sector i.e. households, non-financial enterprises, municipalities and financial enterprises other than state lending institutions, banks and money market funds.

 

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