Turkey: Monthly Money and Banking Statistics - May 2021

Transcription

1. Monetary Developments Data Governance and Statistics Department May 2021
2. Monetary Developments |May 2021 1 Evaluations The broad money supply M3 grew annually by 23.5% in May 2021, following the 21.2-percent year-on-year growth in April 2021. The annual growth rate of M1, the narrowest measure of money supply, decreased from 27.5% in April to 26.9% in May 2021. The annual rate of increase in loans granted by the monetary sector to households is 31.4% in May 2021. Meanwhile, the loans extended to non-financial corporations increased 20.6% in April 2021 compared to previous year, while it increased year on year 18.9% in May 2021. Chart 1. Monetary Aggregates (May 2021, Annual % Growth) M1 Chart 2. Loans (May 2021, Annual % Growth) Non-Financial Corporations Households Private Sector* M3 50 30 60 20 40 10 20 0 0 -10 2021 80 2020 40 2019 100 2018 2021 2020 2019 2018 120 (*) Private Sector includes Agricultural Sales and Credit Cooperatives, Non-profit Inst. Serving Households and Other as well as Non-Financial corp. and Households. An analysis of the contribution of broad money components to the annual growth in money supply reveals that the largest contribution came from time deposits, followed by demand deposits. The increase in time deposits contributed 14.5% to the 23.5% annual growth in the broad money M3 in May 2021 while demand deposits added 7.1%. Other components had a limited contribution to the growth.
3. Monetary Developments |May 2021 2 Table 1. Contribution of Broad Money Components to the Annual Growth in M3 Money Supply (May 2021) May 2021 (Million TRY) March 2021 (%) April 2021 (%) May 2021 (%) 3,782,524 29.49 21.16 23.49 Funds Received from Repo Transactions 18,897 0.14 0.11 0.12 Money Market Funds 40,446 0.32 0.23 0.25 M3 Debt Securities Issued 46,449 0.35 0.25 0.29 2,341,290 18.49 13.22 14.54 Time Deposits (TRY) 1,214,675 9.77 6.98 7.54 Time Deposits (FX) 1,126,615 8.72 6.24 7.00 1,335,442 10.18 7.35 8.29 Currency Outside Banks 197,314 1.40 1.04 1.23 Demand Deposits (TRY) 347,575 2.73 1.94 2.16 Demand Deposits (FX) 790,553 6.05 4.36 4.91 M2-M1 M1 Source: CBRT Chart 3. Reflection of Annual Growth in M3 Money Supply to Counterpart Items (May 2021) Claims on Private Sector (**) Claims on General Government Claims on Non-Bank Financial Institutions Other Items (Net) (*) Net Foreign Assets M3 65 55 45 35 25 15 5 -5 2021 2020 2019 2018 -15 (*)Transactions of the monetary sector are netted under “Other Items (Net)”. (**) Claims on Private Sector includes Claims on Non-Financial Public Enterprises. The growth in M3 is reflected in counterparts as an increase in claims on the private sector, the general government, non-bank financial institutions and net foreign assets by 23.3%, 5.1%, 0.8% and 0.9% respectively. On the other hand, other items (net) had a reducing effect by 6.6%.