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Broad money goes up 1.8% in March

2001-04-18 17:00
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2001-04-18 17:00

Broad money goes up 1.8% in March

The money supply (broad money) rose by 1.8% to PLN 300.8bn (USD 75bn) in March, the National Bank of Poland (NBP) reported yesterday. The money supply went up 2.1% from the beginning of the year, net foreign assets rose 2.25% to USD 33.58bn and 5.4% from January 1, 2001. Lending and zloty deposits rose by the same amount of 0.6% in March. The figures confirmed that consumer borrowing, once one of the factors behind the rising inflation, was not a cause of inflationary pressure any more. Consumer credit rose 25.6% y/y, down from 29.4% in February, which means that it rose at the slowest pace ever. At the beginning of 2000 individual loans rose at the robust pace of 52%, which pushed RPP to increase interest rates several times. Higher rates, coupled with weaker economic growth and higher unemployment, discouraged individuals from borrowing and encouraged savings, which rose 22.4% y/y in March, roughly unchanged from February. It is worth mentioning that it was the pace that RPP found satisfactory when it cut the interest rates twice in Q1 by a total of 200 bps. Grzegorz Wojtowicz, an RPP member, said he was satisfied with the increase of deposits. kp,bb

Źródło:IntelliNews Daily
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