This is an archived release.
Decrease in money supply growth
The twelve-month growth in total money supply (M2) was 7.9 per cent to end-June, down from 10.1 per cent to end-May. All the underlying sectors contributed to the decrease.
The total money supply amounted to NOK 1 684 billion by end-June, up from NOK 1 663 billion by end-May.
Decrease also in households’ money supply growth
Households’ money supply constitutes more than half of the total money supply. By end-June it accounted for NOK 917 billion, up from NOK 868 billion the previous month. The twelve-month growth in households’ money supply was 6.0 per cent to end-June, down from 6.1 to end-May.
The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 7.1 per cent to end-June, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .
Moderate decrease for municipal government
Municipal government’s money supply amounted to NOK 79 billion at end-June, up from NOK 76 billion at end-May. The twelve-month growth reduced from 17.8 per cent to end-May to 15.0 per cent to end-June.
Decrease in money supply growth for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 533 billion at end-June, down from NOK 554 billion at end-May. The twelve-month growth decreased from 14.9 per cent to end-May, to 9.5 per cent to end-June. Non-financial enterprises’ money supply constituted about 43 per cent of their gross domestic debt measured by the credit indicator C2 at end-June.
Decreasing growth also for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 155 billion at end-June, down from NOK 165 billion at end-May. The twelve-month growth was 10.6 per cent to end-June, down from 13.8 per cent to the previous month.
|December 2010||January 2011||February 2011||March 2011||April 2011||May 2011||June 2011|
|M0 - 12 mth.||-0.6||8.4||7.5||25.2||-19.3||-8.7||-8.6|
|M1 - 12 mth.||6.0||6.1||6.0||7.7||8.0||11.1||6.7|
|M2 - 12 mth.||5.2||6.9||7.4||7.5||8.9||10.1||7.9|
|M2 - 3 mth. moving average1||8.6||9.9||11.5||11.4||12.0||9.6|
|M2 households - 12 mth.||5.5||5.1||5.2||5.9||6.3||6.1||6.0|
|M2 non-financial enterprises - 12 mth.||5.6||9.0||9.0||8.2||10.9||14.9||9.5|
Composition of money supply
The broad monetary aggregate M2 amounted to NOK 1 684 billion at end-June, of which the major part, 91.1 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.7 per cent. The rest of the broad monetary aggregate mainly consisted of shares in money market funds and certificates of deposits, which accounted for 6.1 and 0.2 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.
The base money (M0) is defined as banks’ and the money-holding sector's notes and coins and deposits in Norges Bank. Banks’ deposits in Norges Bank comprise current account (sight) deposits and fixed rate (time) deposits (F-deposits), from Norges Bank’s monthly balance sheet.
Other financial enterprises include financial enterprises other than lending institutions, banks and money market funds.
Growth based on the three-month moving average is defined as growth in average money supply (seasonally-adjusted figures) in the latest three-month period in relation to the previous three-month period. The growth is adjusted for exchange rate valuation changes and statistical breaks as an annualised figure. The calculation is centred; in other words, the observation is set at the middle month of the latest three-month period.
The statistics is published with Monetary aggregates.