This is an archived release.
Increase in money supply growth
The twelve-month growth in total money supply (M2) was 6.2 per cent to end-February, up from 5.8 per cent to end-January. Non-financial enterprises and municipal government contributed to the increase.
The money supply for March and April will be published 8 June.
The total money supply amounted to NOK 1 728 billion at end-February, down from NOK 1 732 billion at end-January.
Slight decrease in money supply growth for households
Households’ money supply constitutes more than half of the total money supply. At end-February it accounted for NOK 942 billion, up from NOK 933 billion the previous month. The twelve-month growth in households’ money supply decreased from 7.3 per cent to end-January to 7.2 per cent to end-February.
The growth in households’ money supply was close to the same level as the growth in households’ gross domestic debt, which amounted to 7.3 per cent to end-February, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .
Increase in the money supply growth for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 563 billion at end-February, down from NOK 578 billion at end-January. The twelve-month growth increased from 3.4 per cent to end-January to 4.6 per cent to end-February. Non-financial enterprises’ money supply constituted about 44 per cent of their gross domestic debt measured by the credit indicator C2 at end-February.
Increase in the money supply growth for municipal government
Municipal government’s money supply amounted to NOK 62 billion at end-February, up from NOK 60 billion the previous month. The twelve-month growth rate increased from 2.8 per cent to end-January to 3.7 per cent to end-February.
Decrease in the growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 161 billion at end-February, down from NOK 162 billion at end-January. The twelve-month growth was 6.9 per cent to end-February, down from 7.9 per cent the previous month.
|August 2011||September 2011||October 2011||November 2011||December 2011||January 2012||February 2012|
|M0 - 12 mth.||8.4||3.6||53.9||28.1||9.8||35.9||-5.1|
|M1 - 12 mth.||6.3||7.9||7.9||5.9||4.6||5.5||5.5|
|M2 - 12 mth.||6.0||7.8||7.7||6.8||6.0||5.8||6.2|
|M2 - 3 mth. moving average1||4.3||5.4||7.5||5.5||4.5||3.9|
|M2 households - 12 mth.||6.5||6.5||5.8||6.6||7.5||7.3||7.2|
|M2 non-financial enterprises - 12 mth.||7.2||8.2||8.8||5.3||4.5||3.4||4.6|
Composition of money supply
The broad monetary aggregate M2 amounted to NOK 1 728 billion at end-February, of which the major part, 91.5 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.6 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 5.5 and 0.4 per cent respectively.
Base money decrease
Base money (M0) amounted to NOK 83 billion at end-February, down from NOK 135 billion the previous month. The twelve-month growth in M0 decreased from 35.9 per cent to end-January to -5.1 per cent to end-February.
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.
The three-month moving average
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.