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Comments on monetary developments for June 2019

Published: 31/7/2019

In June 2019, total liquid assets (M4) increased by HRK 3.9bn (1.2%) and at the end of the month stood at HRK 323.3bn (Table 1). The monthly increase in M4 was driven by a growth in net foreign assets (NFA) of the monetary system, particularly the CNB, while a drop in net domestic assets (NDA) produced the opposite effect. The growth of the NFA of the CNB and the concurrent decrease in the NDA due to the rise in government deposits with the CNB resulted from the issuance of a 10-year euro bond of the Ministry of Finance worth EUR 1.5bn in mid-June. Moreover, the NFA of credit institutions also increased due to inflows from international transactions. On an annual level, the growth of total liquid assets (M4) accelerated in June 2019 to 4.6%, based on transactions (Figure 1). The annual growth of money (M1) accelerated slightly and stood at 15.2% at the end of June, while the annual fall in quasi-money decelerated to 1.2% (transaction-based).

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

Total placements of monetary institutions to domestic sectors (excluding the government) went up by HRK 0.8bn in June (transaction-based), ending the month at HRK 226.9bn. The annual growth rate of total placements decelerated to 3.6% in June (Figure 2), owing to the annual decrease in placements to non-financial corporations of –1.0% (or 0.9% if the negative effect of the activation of government guarantees to shipyards is excluded). In addition to shipyards, unfavourable developments in placements were also driven by the effect of the settlement in the Agrokor Group and the transfer of a portion of credit institution claims on companies in the Group to foreign companies in the Group. The annual growth of placements to the household sector edged down to 6.7% in June (Table 2). The annual growth of general-purpose cash loans slowed down slightly to 12.2%, while that of housing loans moderately accelerated to 4.2%. The annual growth in the nominal stock of placements, which stood at 1.8% in June, was considerably lower than the growth based on transactions, which is mostly the result of the sale of non-performing placements.

Table 1 Summary 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 that exclude the effects of exchange rate changes, securities price adjustments, reclassification 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 June 2019, see:

Central bank (CNB)
Other monetary financial institutions