Money supply in January 2025

In January 2025, the M3 money supply decreased by PLN 10.9bn. The decrease was mainly driven by a decline in deposits and other claims of the non-financial corporations and social security funds.

Data released by Narodowy Bank Polski on 24 February 2025 show that at the end of January 2025, the M3 aggregate amounted to PLN 2,469.1bn, i.e. it was by PLN 10.9bn lower than at the end of December 2024.

In January 2025, the value of deposits and other claims of the sector of non-financial corporations included in the M3 aggregate decreased by PLN 12.9bn, i.e. 2.5%, and amounted to PLN 510.9bn. In the case of the sector of social security funds, it declined by PLN 7.8bn, or 41.4%, to PLN 11.0bn. The value of household deposits and other claims of households included in the M3 aggregate increased by PLN 4.0bn, i.e. 0.3%, to PLN 1,329.9bn, and of local government deposits and other claims of local government by PLN 6.0bn, i.e. 6.9%, to PLN 93.1bn.

Non-financial corporate debt increased by PLN 0.8bn, i.e. 0.2%, to PLN 421.6bn, while the debt of other financial institutions decreased by PLN 3.6bn, i.e. 1.6%, to PLN 224.2bn. The net debt of central government entities declined by PLN 19.4bn, i.e. 4.2%, to PLN 438.9bn.