Money supply in January 2023

In January 2023, the M3 money supply increased by PLN 5.0bn. The increase was mainly driven by a rise in deposits and other claims of households and the local government sector.

Data released by Narodowy Bank Polski on 22 February 2023 show that at the end of January 2023 the M3 aggregate amounted to PLN 2,096.3bn, i.e. PLN 5.0bn more than at the end of December 2022.

In January 2023, the value of deposits and other claims of the household sector included in the M3 aggregate increased by PLN 6.5bn, i.e. 0.6%, to PLN 1,085.4bn, and of the local government sector by PLN 3.9bn, i.e. 5.8%, to PLN 71.0bn. The value of deposits and other claims of the sector of non-financial corporations decreased by PLN 2.1bn, i.e. 0.5%, to PLN 461.1bn.

Non-financial corporate debt increased by PLN 6.2bn, i.e. 1.5%, to PLN 422.5bn, while household debt fell by PLN 5.3bn, i.e. 0.7%, to PLN 789.0bn. The net debt of central government entities rose by PLN 5.9bn, i.e. 1.7%, to PLN 357.5bn.