Money supply in November 2023

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In November 2023, the M3 money supply decreased by PLN 1.2bn. This was mainly driven by a decline in the value of deposits and other claims of the non-financial corporation sector and of cash in circulation.

Data released by Narodowy Bank Polski on 22 December 2023 show that at the end of November 2023, the M3 aggregate amounted to PLN 2,239.9bn, i.e. PLN 1.2bn less than at the end of October 2023.

In November 2023, the value of deposits and other claims of the household sector included in the M3 aggregate increased by PLN 6.0bn, i.e. 0.5%, to PLN 1,181.7bn, and deposits and claims of the non-financial corporation sector decreased by PLN 3.0bn, i.e. 0.6%, to PLN 498.7bn, whereas in the other financial institutions sector by PLN 1.3bn, i.e. 1.8%, to PLN 70.6bn. Also the value of cash in circulation decreased by PLN 2.1bn, i.e. 0.6%, to PLN 360.2bn.

The debt of the non-financial corporation sector decreased by PLN 5.4bn, i.e. 1.3%, to PLN 401.8bn, and of the household sector – by PLN 1.5bn, i.e. 0.2%, to PLN 773.2bn. The net debt of central government entities increased by PLN 1.9bn, i.e. 0.5%, to PLN 393.4bn.