This is an archived release.
Increased money supply growth
The twelve-month growth in total money supply (M2) was 4.9 per cent to end-August, up from 4.8 per cent to end-July. The increase stems from the sectors households, municipalities and other financial enterprises.
The total money supply amounted to NOK 1 745 billion at end-August, down from NOK 1 777 billion at end-July.
Increase in money supply growth for households
Households’ money supply constitutes more than half of the total money supply. At end-August it accounted for NOK 967 billion, down from NOK 972 billion the previous month. The twelve-month growth in households’ money supply increased from 7.6 per cent to end-July to 8.2 per cent to end-August.
The growth in households’ money supply was higher than the growth in households’ gross domestic debt, which amounted to 7.1 per cent to end-August, 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 535 billion at end-August, down from NOK 553 billion at end-July. The twelve-month growth decreased from 2.5 per cent to end-July to 0.1 per cent to end-August. Non-financial enterprises’ money supply constituted 30.7 per cent of the total money supply and 39.8 per cent of their gross domestic debt measured by the credit indicator C2 at end-August.
Increase in money supply growth for municipal government
Municipal government’s money supply amounted to NOK 68 billion at end-August, down from NOK 78 billion the previous month. The twelve-month growth rate was 7.9 per cent to end-August, up from -1.3 per cent to end-July.
Increase in growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 174 billion at end-August, marginally down from NOK 175 billion at end-July. The twelve-month growth was 1.2 per cent to end-August, up from -0.4 per cent the previous month.
|February 2012||March||April 2012||May 2012||June 2012||July 2012||August 2012|
|M0 - 12 mth.||-5.1||-13.8||-0.4||-19.7||1.9||-19.2||-18.2|
|M1 - 12 mth.||5.4||5.9||3.7||1.1||5.0||2.6||3.8|
|M2 - 12 mth.||6.2||6.1||4.6||2.9||5.3||4.8||4.9|
|M2 - 3 mth. moving average1||6.1||6.5||2.9||1.3||1.0||5.7|
|M2 households - 12 mth.||7.3||8.2||7.8||8.2||8.4||7.6||8.2|
|M2 non-financial enterprises - 12 mth.||4.7||3.0||0.4||-3.6||1.5||2.5||0.1|
Composition of money supply
The broad monetary aggregate M2 amounted to NOK 1 745 billion at end-August, of which the major part, 91.7 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 5.4 and 0.2 per cent respectively.
Change in base money
Base money (M0) amounted to NOK 81 billion at end-August, down from NOK 93 billion the previous month. The twelve-month growth in M0 increased from -19.2 per cent to end-July to -18.2 per cent to end-August. The low twelve-month growths are caused by the banks’ decrease in F-deposits in Norges Bank compared to the same periods last year.
The statistics is published with Monetary aggregates.