This is an archived release.
Decrease in money supply growth
The twelve-month growth in total money supply (M2) was 6.8 per cent to end-November, down from 7.6 per cent to end-October. Non-financial enterprises contributed the most to the decreased growth rate.
The total money supply amounted to NOK 1 696 billion at the end of November, down from NOK 1 702 billion at the end of October.
Increase in money supply growth for households
Households’ money supply constitutes more than half of the total money supply. At the end of November it accounted for NOK 910 billion, down from NOK 913 billion the previous month. The twelve-month growth in households’ money supply increased from 5.9 per cent to end-October, to 6.7 per cent to end-November.
The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 7.2 per cent to end-November 2011, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .
Decrease in the money supply growth for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 559 billion at the end of November, down from NOK 565 billion at the end of October. The twelve-month growth also decreased from 8.9 per cent to end-October, to 5.3 per cent to end-November. Non-financial enterprises’ money supply constituted about 44 per cent of their gross domestic debt measured by the credit indicator C2 at end-November.
Increase in the money supply growth for municipal government
Municipal government’s money supply amounted to NOK 71 billion at end-November, approximately the same level as that of the previous month. The twelve-month growth increased from 11.8 per cent to end-October to 12.8 per cent to end-November.
Decrease in the growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 156 billion at end-November, up from NOK 153 billion at end-October. The twelve-month growth was 10 per cent to end-November, down from 11.9 per cent the previous month.
|May 2011||June 2011||July 2011||Aug. 2011||Sep. 2011||Oct. 2011||Nov. 2011|
|M0 - 12 mth.||-8.7||-8.6||0.2||8.4||3.6||53.9||28.1|
|M1 - 12 mth.||11.2||7.0||7.9||6.3||7.9||8.0||6.0|
|M2 - 12 mth.||9.3||7.2||7.2||6.0||7.8||7.6||6.8|
|M2 - 3 mth. moving average1||9.2||6.8||2.4||3.6||5.1||8.9|
|M2 households - 12 mth.||6.0||5.9||6.6||6.5||6.5||5.9||6.7|
|M2 non-financial enterprises - 12 mth.||15.0||9.8||7.7||7.2||8.3||8.9||5.3|
Composition of money supply
The broad monetary aggregate M2 amounted to NOK 1 696 billion at the end of November, of which the major part; 91.7 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 5.2 and 0.4 per cent respectively.
Base money decrease
Base money (M0) amounted to NOK 119 billion at end-November, down from NOK 129 billion the previous month. The twelve-month growth in M0 fell from 53.9 per cent to end-October to 28.1 per cent to end-November 2011. The decrease is related to the banks’ reduced F-deposits with Norges Bank.
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.