Money supply in January 2026

In January 2026, the M3 money supply decreased by PLN 22.7bn. The decrease was mainly driven by a decline in deposits and other claims of non-financial corporations.

Data released by Narodowy Bank Polski on 23 February 2026 show that at the end of January 2026, the M3 aggregate amounted to PLN 2,715.0bn, i.e. PLN 22.7bn less than at the end of December 2025.

In January 2026, the value of deposits and other claims of the non-financial corporations sector included in the M3 aggregate decreased by PLN 26.8bn, i.e. 4.5%, and amounted to PLN 572.0bn. In the case of the social security funds sector, it declined by PLN 5.6bn, or 34.9%, to PLN 10.4bn. The value of deposits and other claims of the local government sector increased by PLN 5.9bn, i.e. 5.9%, to PLN 104.7bn, and of the household sector ─ by PLN 2.4bn, i.e. 0.2%, to PLN 1,439.3bn.

The non-financial corporate debt increased by PLN 7.1bn, i.e. 1.5%, to PLN 468.7bn, and the household sector debt ─ by PLN 3.1bn, i.e. 0.4%, to PLN 833.7bn. The net debt of central government entities declined by PLN 18.9bn, i.e. 3.0%, to PLN 599.7bn.

Please be advised that starting from the January 2026 data, methodological changes have been introduced in monetary statistics, which have affected some of the values of the data presented.