Total liquid assets (M4) amounted to HRK 309.6bn at the end of September 2017, up by HRK 1.8bn or 0.6% on the end of August (Table 1). Excluding the effects of exchange rate changes, which raised the kuna value of foreign currency deposits in conditions of the weakening of the kuna against the euro, total liquid assets dropped marginally (by 0.1%) in September. On an annual basis, total liquid assets at end-September 2017 grew by 3.8%, up from 3.4% at end-August (Figure 1). This was largely due to the steady, strong annual growth in money (M1), which accelerated to 21.0% in September, while quasi-money recorded an annual decrease of 3.0%.

Figure 1 Monetary aggregates annual rates of change	Figure 2 Placements annual rates of change based on transactions
Source: CNB.

Total placements of monetary institutions to domestic sectors (excluding the government) did not change much in September (based on transactions) and stood at HRK 220.1bn at the end of the month, while their annual growth rate remained at 1.9% (based on transactions, Figure 2). The annual growth in placements to households continued to pick up, reaching 2.6% in late September, while the rise in placements to non-financial corporations slowed to 2.9% (Table 2). In addition, it should be noted that the annual growth rate of total placements was diminished by the strong annual decline in placements to other financial institutions (of –18.3%, based on transactions). In nominal terms, total placements were 0.7% lower at the end of September 2017 than at end-September last year, which was mostly the outcome of the sale of non-performing placements.

Table 1 Short consolidated balance sheet of monetary institutions
in billion HRK and %

¹ The sum total of asset items 2.2 to 2.8 of Bulletin Table B1: Consolidated balance sheet of monetary financial institutions.
² The sum total of liability items 2 to 5 of Bulletin Table B1: Consolidated balance sheet of monetary financial institutions.

Source: CNB.

Table 2 Placements (except the central government) and main components
in billion HRK and %

¹ In addition to placements to households and corporates, they also include placements to the local government and other financial institutions.
² The transactions show changes excluding the effects of exchange rate changes, securities price adjustments and write-off of placements, including the sale of placements in the amount of their value adjustment.

Source: CNB.

For detailed information on monetary statistics as at end-September 2017, see:

Central bank (CNB)
Other monetary financial institutions