Turkey: Monetary Developments- February 2018

Transcription

1. February 2018 Monetary Developments March 30 , 2018
2. Monetary Developments | March 30, 2018 Evaluations The broad money supply M3 grew annually by 16.8 percent in February 2018, following the 13.8-percent year-on-year growth in January 2018. The growth rate of M1, the narrowest measure of money supply, increased from 13.6 percent in January 2018 to 15.8 percent in February. The rate of increase in loans granted by the monetary sector to households slightly decelerated quarteron-quarter and stood at 19.6 percent in February 2018. Meanwhile, the annual rate of increase in loans extended to non-financial corporations rose from 17.1 percent to 20.6 percent. Chart 1: Monetary Aggregates (February 2018, Annual % Growth) M1 Chart 2: Loans to the Private Sector (February 2018, Annual % Growth) Loans to Non-Financial Corporations M3 Loans to Private Sector Loans to households 30 25 25 20 20 15 5 5 2017-… 2018 10 2017 10 2016 2017-12 2018 2017 2016 15 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 11.9 percent to the 16.8-percent annual growth in the broad money M3 in February 2018 while demand deposits added 4.3 percent. Other components had a limited contribution to the growth. 1
3. Monetary Developments | March 30, 2018 Table 1. Contribution of Broad Money Components to the Annual Growth in M3 Money Supply (February 2018) February 2018 (Million TRY) December 2017 (%) January 2018 (%) February 2018 (%) 1.696.367 16,11 13,82 16,78 Funds Received from Repo Transactions 5.102 0,05 0,05 0,05 Money Market Funds 14.446 0,13 0,11 0,14 Debt Securities Issued 43.140 0,37 0,34 0,43 1.198.137 11,25 9,79 11,85 Time Deposits (TRY) 707.905 6,75 5,81 7,00 Time Deposits (FX) 490.233 4,50 3,98 4,85 435.541 4,3 3,53 4,31 Currency Outside Banks 114.897 1,13 0,94 1,14 Demand Deposits (TRY) 171.099 1,71 1,37 1,69 Demand Deposits (FX) 149.544 1,46 1,22 1,48 M3 M2-M1 M1 Source: CBRT Chart 3. M3 Money Supply and Counterpart Items (February 2018, Annual % Growth) Claims on Private Sector Claims on General Government Claims on Non-Bank Financial Institutions Other Items (Net) (*) Net Foreign Assets M3 32 27 22 17 12 7 2 -8 2018 2017 2017 2016 -3 (*)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 20.5 percent, 2.1 percent, and 0.6 percent, respectively. On the other hand, net foreign assets had a reducing effect by 0.8 percent and other items (net) by 5.7 percent. 2