4333_not-searchable
/en/bank-og-finansmarked/statistikker/m2/maaned
4333
Still increased money supply growth
statistikk
2010-08-30T10:00:00.000Z
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, July 2010

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Still increased money supply growth

The twelve-month growth in total money supply (M2) was 3.4 per cent to end-July, up from 2.4 per cent to end-June. The increase in the M2 growth came from all sectors.

The total money supply amounted to NOK 1 585 billion by end-July, up from NOK 1 571 billion by end-June.

Increased money supply growth for non-financial enterprises and other financial enterprises

Non-financial enterprise money supply amounted to NOK 514 billion at end-July, up from NOK 496 billion at end-June. The twelve-month growth was -1.1 per cent to end-July, up from -2.4 per cent to end-June. Non-financial enterprise money supply constituted 43 per cent of their gross domestic debt measured by the credit indicator C2 .

Other financial enterprise money supply (other than state lending institutions, banks and money market funds) amounted to NOK 140 billion at end-July, unchanged from the previous month. The twelve-month growth was 13.3 per cent to end-July, up from 11.6 per cent to end-June.

Money supply (M2) - growth

Increased growth also in household money supply

Household money supply amounted to NOK 863 billion by end-July, down from NOK 867 billion to the previous month. This constituted more than half of the total money supply. The twelve-month growth in household money supply was 4.5 per cent to end-July, up from 3.8 per cent to end-June. The increase in the twelve-month growth compared to the previous month is related to a larger decrease in household money supply during July 2009 than July this year (base effect). The growth in household money supply was lower than the growth in household gross domestic debt, which was 6.1 per cent to end-July, according to 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)
 
  February 2010 March 2010 April 2010 May 2010 June 2010 July 2010
 
M0 - 12 mth. -48.8 -27.5 -23.5 -22.4 -31.2 -31.3
M1 - 12 mth. 2.9 1.8 2.6 -1.0 0.1 1.5
M2 - 12 mth. 2.3 2.5 2.7 0.9 2.4 3.4
M2 - 3 mth. moving average 0.8 1.3 1.0 2.8 4.6  
M2 households - 12 mth. 3.8 3.6 4.0 3.4 3.8 4.5
M2 non-financial enterprises - 12 mth. 0.8 -0.3 -0.5 -4.3 -2.4 -1.1
 

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 585 billion at end-July, of which the major part, 91.2 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.9 per cent. The rest of the broad money mainly consisted of shares in money market funds and certificates of deposits, which accounted for 5.5 and 0.4 per cent respectively.

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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