Thursday, 9 February 2017

Money Supply Update (9 Feb-17)

The y/y growth rate of the money supply (TMSS, black line below) slowed down again this week to levels last seen around July last year. 

The money supply excluding savings deposits (TMSS-S, the blue line) has also fallen sharply in recent months, though from a significantly higher growth rate. 

Seemingly, declining bank credit growth is starting to affect the money supply growth rate.



Y/Y percentage change last 20 weeks. TMSS = the short version of the True Money Supply which excludes the last three components of the True Money Supply, TMSS-S = TMSS minus savings deposits):


TMSS TMSS-S
2016-09-21 10,0 13,6
2016-09-28 9,9 13,6
2016-10-05 10,6 22,9
2016-10-12 11,3 21,6
2016-10-19 11,8 20,1
2016-10-26 11,7 20,2
2016-11-02 11,0 21,0
2016-11-09 10,2 17,4
2016-11-16 10,2 17,1
2016-11-23 10,5 15,5
2016-11-30 9,5 13,7
2016-12-07 9,2 16,3
2016-12-14 8,7 11,2
2016-12-21 8,6 8,6
2016-12-28 8,4 8,3
2017-01-04 8,3 8,6
2017-01-11 8,7 11,7
2017-01-18 9,0 11,1
2017-01-25 8,6 9,1
2017-02-01 7,6 10,2


Update 10 Feb-17: What components are driving the money supply y/y growth rate?


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