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Thursday, 2 May 2013

Base Money in Norway Increases 11.4% in March

Base money in Norway increased by NOK 9.243 billion (11.4%) in March on previous month according to figures just released by Statistics Norway. The base however declined by 2.51% on same period last year  and is now 46.1% lower than the record high set in July 2009.

The M2 money supply increased 3.99% on same period last year, but declined slightly on previous month.





Statistics Norway reported the numbers as follows,
Increase in money supply growth
The twelve-month growth in total money supply (M2) was 3.8 per cent to end-March, up from 3.4 per cent to end-February. The increase stems from other financial enterprises. 
The total money supply amounted to NOK 1 771 billion at end-March, marginally down from NOK 1 772 billion at end-February.
Decreased growth in money supply for households
Households’ money supply constitutes more than half of the total money supply. At end-March it accounted for NOK 979 billion, down from NOK 981 billion at end-February. The twelve-month growth in households’ money supply was 6.2 per cent to end-March, down from 6.3 per cent the previous month.
The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 7.2 per cent to end-March, according to the credit indicator C2.
Decreasing growth of money supply for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 541 billion at end-March, down from NOK 544 billion at end-February. The twelve-month growth was -0.7 per cent to end-March, down from -0.6 per cent the previous month. Non-financial enterprises’ money supply constituted 30.5 per cent of the total money supply at end-March.
Decrease in money supply growth for municipal government
Municipal government’s money supply amounted to NOK 78 billion at end-March, up from NOK 67 billion the previous month. The twelve-month growth rate was 10.1 per cent to end-March, down from 10.4 per cent to end-February.
Increase in twelve-month growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 174 billion at end-March, down from NOK 180 billion at end-February. The twelve-month growth was 2.7 per cent to end-March, down from -2.5 per cent the previous month.
Steady composition of money supply
The composition of the money supply has been steady. The broad monetary aggregate M2 amounted to NOK 1 771 billion at end-March, of which the major part, 93 per cent, consisted of bank deposits. In comparison, notes and coins accounted for 2.5 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 4.3 and 0.2 per cent respectively.
Increasing growth in base money
Base money (M0) amounted to NOK 90 billion at end-March, up from NOK 81 billion the previous month. The twelve-month growth in M0 increased from -3 per cent by the end of February to -2.5 per cent at the end of March.