Money supply in September 2025

In September 2025, the M3 money supply increased by PLN 16.7bn. The increase was mainly driven by a rise in the value of cash in circulation and deposits and other claims of the sector of other financial institutions and local government institutions.

Data released by Narodowy Bank Polski on 22 October 2025 show that at the end of September 2025, the M3 aggregate amounted to PLN 2,642.7bn, i.e. PLN 16.7bn more than at the end of August 2025.

In September 2025, the value of cash in circulation increased by PLN 11.9bn, i.e. 2.8%, to PLN 442.4bn. The value of deposits and other claims of the sector of other financial institutions included in the M3 aggregate increased by PLN 3.1bn, i.e. 4.3%, to PLN 76.4bn, and of the local government institutions by PLN 2.7bn, i.e. 2.4%, to PLN 114.5bn, and of the household sector – by PLN 1.7bn, i.e. 0.1%, to PLN 1,393.3bn.

The net debt of central government entities increased by PLN 39.6bn, i.e. 7.8%, to PLN 547.3bn, and the household sector debt ─ by PLN 3.8bn, i.e. 0.5%, to PLN 820.9bn, whereas the debt of other financial institutions decreased by PLN 13.4bn, i.e. 6.3%, to PLN 200.3bn.