Turkey: Monthly Money and Banking Statistics - February 2019

Transcription

1. February 2019 Monetary Developments March 29 , 2019
2. Monetary Developments | March 29, 2019 Evaluations The broad money supply M3 grew annually by 22,1% in February 2019, following the 20,1-percent yearon-year growth in January 2019. The annual growth rate of M1, the narrowest measure of money supply, increased from 17.6% in January to 20% in February 2019. The annual rate of increase in loans granted by the monetary sector to households slightly decelerated month by month and stood at 1% in February 2019. Meanwhile, the annual rate of increase in loans extended to non-financial corporations decreased from 13.1% to 9.9%. Chart 1. Monetary Aggregates (February 2019, Annual % Growth) M1 Chart 2. Loans (February 2019, Annual % Growth) M3 Non-Financial Corporations Households Private Sector* 40 45 35 40 30 35 25 30 20 25 20 15 15 10 10 5 5 2019 2018 0 2017 2019 2018 2017 0 (*) 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 15.6% to the 22.1-percent annual growth in the broad money M3 in February 2019 while demand deposits added 4.3%. Other components had a limited contribution to the growth. 1
3. Monetary Developments | March 29, 2019 Table 1. Contribution of Broad Money Components to the Annual Growth in M3 Money Supply (February 2019) M3 February 2019 (Million TRY) December 2018 (%) January 2019 (%) February 2019 (%) 2,070,783 18.29 20.07 22.07 Funds Received from Repo Transactions 18,747 0.09 0.12 0.20 Money Market Funds 25,201 0.08 0.15 0.27 Debt Securities Issued 42,164 0.33 0.36 0.45 1,462,034 13.10 14.41 15.58 Time Deposits (TRY) 770,995 7.31 7.88 8.22 Time Deposits (FX) 691,040 5.79 6.53 7.37 522,636 4.7 5.03 5.57 Currency Outside Banks 117,449 1.09 1.15 1.25 Demand Deposits (TRY) 176,545 1.57 1.69 1.88 Demand Deposits (FX) 228,643 2.01 2.18 2.44 M2-M1 M1 Source: CBRT Chart 3. Reflection of Annual Growth in M3 Money Supply to Counterpart Items (February 2019, Annual % Growth) Claims on Private Sector Claims on General Government Claims on Non-Bank Financial Institutions Other Items (Net) (*) Net Foreign Assets M3 50 40 30 20 10 0 2019 2018 2017 -10 -20 (*)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 25.1%, 3.3%, 0.8% and 0.5% respectively. On the other hand, other items (net) had a reducing effect by 7.6%. 2