Monday, 1 October 2012

Base Money in Norway down 13.4% in August

Statistics Norway today reported Norway's monetary base and money supply figures for the month of August. Base money dropped 13.4% on July and was down 18.2% on the same period last year. "The low twelve-month growths are caused by the banks’ decrease in F-deposits in Norges Bank compared to the same periods last year", Statistics Norway reported. The M1 money supply decreased 3.0% from July, but was up 4.2% on last year. M2 money supply for the month was 1.8% lower than in July, but was up 5.1% on the same period last year and represented the 22nd month in a row with YoY growth above 5%.

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