Monetary and credit aggregates

Monetary and credit aggregates

Published: 1/2/2015 Modified: 30/11/2017

The table shows data on some basic monetary and credit aggregates (reserve money, money (M1), broadest money (M4), total liquid assets, net domestic assets, domestic credit), including their monthly growth rates.

When data on monetary and credit aggregates for October 2017 were published, the data series from December 2010 onward was revised. The revision was made due to the implementation of a dynamic sector classification of institutional units in accordance with the official sector classification published by the CBS and subsequent changes in the data received from reporting institutions. The effects of the revision are not materially significant.

Revised data series were published on 30 November 2017.

Metodologija - en - monetarni i kreditni agregati

Methodology

Published: 14/1/2016

TABLE A1 Monetary and credit aggregates

The table shows data on some basic monetary and credit aggregates, including their monthly growth rates.
As from March 2013, data on all the items have been revised from July 1999 onward to include housing savings banks in addition to the Croatian National Bank, banks and savings banks.
As from February 2015, data on all the monetary aggregates have been revised, that is: from 31 December 2010, in the part that refers to the sector classification of institutional units and the change in the methodological treatment of kuna positions indexed to foreign currency, and from 31 December 2011, in the part that refers to expanding the scope of other monetary financial institutions (to include money market funds).
Reserve money is taken over in its entirety from the Balance sheet of the Croatian National Bank (Table C1).
Money (M1) is defined in the same way as the corresponding item in the Consolidated balance sheet of monetary financial institutions (Table B1). It comprises currency outside credit institutions, deposits with the CNB by other financial institutions as well as demand deposits with credit institutions.
Broadest money (M4) comprises money (M1), savings and time deposits, foreign currency deposits as well as bonds and money market instruments and money market funds’ shares/units (all components are taken over from the Consolidated balance sheet of monetary financial institutions, Table B1).
Net domestic assets are defined as a difference between total liquid assets and foreign assets (net).
Up to November 2010, Domestic credit comprised banks’ and housing savings banks’ claims on other domestic sectors, other banking institutions and non-banking financial institutions.
From December 2010 on, Domestic credit comprises credit institutions’ claims on other domestic sectors, other financial intermediaries, financial auxiliaries as well as insurance corporations and pension funds.
From November 2015 on, the Croatian National Bank presents the monetary aggregates as defined by the European Central Bank. Monetary aggregates comprise monetary liabilities of monetary financial institutions to non-MFI Croatian residents excluding central government. Monetary aggregate M1 (a “narrow” monetary aggregate) comprises currency in circulation and overnight deposits in kuna and foreign currency. Overnight deposits comprise transaction accounts (including restricted deposits), savings deposits and overnight loans. Monetary aggregate M2 (an “intermediate” monetary aggregate) comprises monetary aggregate M1, time deposits in kuna and foreign currency with original maturity of up to and including two years (including loans received, except overnight loans and repurchase agreements) and deposits redeemable at a period of notice of up to and including three months. Monetary aggregate M3 (a “broad” monetary aggregate) comprises monetary aggregate M2, repurchase agreements, money market fund shares and units as well as debt securities with original maturity of up to and including two years.