Turkey: Monthly Money and Banking Statistics - March 2018

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1. March 2018 Monetary Developments April 30 , 2018
2. Monetary Developments | April 30, 2018 Evaluations The broad money supply M3 grew annually by 16.7 percent in March 2018, following the 16.8-percent year-on-year growth in February 2018. The growth rate of M1, the narrowest measure of money supply, decreased from 15.8 percent in February to 12.3 percent in March 2018. The rate of increase in loans granted by the monetary sector to households slightly decelerated quarteron-quarter and stood at 18.8 percent in March 2018. Meanwhile, the annual rate of increase in loans extended to non-financial corporations declined from 20.6 percent to 20.5 percent. Chart 1: Monetary Aggregates (March 2018, Annual % Growth) M1 Chart 2: Loans to the Private Sector (March 2018, Annual % Growth) Loans to Non-Financial Corporations M3 Loans to Private Sector Loans to households 30 25 25 20 20 15 15 10 10 2018 2017 2017-02 5 2016 2018 2017 2017-02 2016 5 An analysis of the contribution of broad money components to the growth in money supply reveals that the largest contribution came from time deposits, followed by demand deposits. The increase in time deposits contributed 11.8 percent to the 16.7-percent annual growth in the broad money M3 in March 2018 while demand deposits added 4.3 percent. Other components had a limited contribution to the growth. 1
3. Monetary Developments | April 30, 2018 Table 1. Contribution of Broad Money Components to the Annual Growth in M3 Money Supply (March 2018) M3 March 2018 (Million TRY) January 2018 (%) February 2018 (%) March2018 (%) 1.744.530 13,82 16,78 16,74 Funds Received from Repo Transactions 4.151 0,05 0,05 0,04 Money Market Funds 15.556 0,11 0,14 0,15 Debt Securities Issued 46.769 0,34 0,43 0,45 1.227.100 9,79 11,85 11,77 Time Deposits (TRY) 727.455 5,81 7,00 6,98 Time Deposits (FX) 499.645 3,98 4,85 4,79 450.954 3,5 4,31 4,33 Currency Outside Banks 120.016 0,94 1,14 1,15 Demand Deposits (TRY) 180.932 1,37 1,69 1,74 Demand Deposits (FX) 150.006 1,22 1,48 1,44 M2-M1 M1 Source: CBRT Chart 3. M3 Money Supply and Counterpart Items (March 2018, Annual % Growth) Claims on Private Sector Other Items (Net) (*) Claims on General Government Net Foreign Assets Claims on Non-Bank Financial Institutions M3 32 27 22 17 12 7 2 2018 2017-02 2017 2016 -3 -8 (*)Transactions of the monetary sector are netted under “Other Items (Net)”. The growth in M3 is reflected in counterparts as an increase in claims on the private sector, the general government, and non-bank financial institutions by 20.3 percent, 2.3 percent, and 0.6 percent, respectively. On the other hand, net foreign assets had a reducing effect by 1 percent and other items (net) by 5.6 percent. 2