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USD/PLN Declines Following M3 Increase

USD/PLN Declines Following M3 Increase

Michael Romero, Contributor

Talking Points:

• M3 Increased In December 2014.

• Household Deposits Lead The Increase.

USD/PLN Falls After Announcement.

The National Bank of Poland announced Wednesday that the money supply M3 year-on-year (YoY) increased by PLN 27.7B in nominal terms, leading to a 8.4 percent increase, beating leading economists’ surveyed by Bloomberg expectations of 8.2 percent. The NBP also reported that both household deposits and corporate deposits rose.

Household and corporate sector debt on the other hand experienced a mild dip, however the main driving force behind the M3 expansion stemmed from the net debt of government institutions. Household deposits increased by PLN 15.4B, a 2.7 percent increase from the previous month, to reach PLN 591.8B. Corporate deposits grew as well but at a slower rate, rising by only PLN 12.4B or by 5.8 percent by the end of November 2014. Meanwhile bank claims on corporate and household debt decreased slightly by 1.4 percent and 0.1 percent respectively. On a month-on-month basis M3 actually increased by 2.7 percent up from 0.40 percent last period, ahead of leading analyst’s expectations of 2.5 percent.

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