Comments on statistics

Published: 2/2/2017

Comments on statistics mean a short description of selected, recently issued statistical data in the area of monetary statistics and the non-residents sector statistics.


Comments on monetary developments for August 2017

Comments on monetary developments for August 2017

Published: 29/9/2017

Total liquid assets (M4) amounted to HRK 307.8bn at the end of August 2017, up by HRK 6.4bn or 2.1% on the end of July (Table 1). The monthly increase in the broadest monetary aggregate was mostly due to the seasonal increase in quasi-money, of HRK 3.4bn (1.7%), in particular foreign currency deposits of non-financial corporations and households. M4 growth in August was also strongly spurred by money (M1), which went up by HRK 2.9bn (3.1%), largely due to the seasonal increase in demand deposits. On an annual basis, total liquid assets in August 2017 grew by 3.4% (excluding the effects of exchange rate changes), up from 3.1% at end-July (Figure 1). The stronger increase in M4 was due to the steady noticeable annual growth in money (M1), which accelerated to as much as 20.0% in August, while quasi-money recorded an annual decrease of 4.1%.

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) stood at HRK 218.7bn at end-August. Having grown steadily for nearly half a year, total placements fell slightly in August compared with July (by 0.2% based on transactions). At the same time, their annual growth rate picked up to 1.9% in August (based on transactions), from 1.7% at the end of July (Figure 2). The annual growth in placements to non-financial corporations and households rose to 3.2% and 2.4%, respectively (Table 2).

In nominal terms, total placements at the end of August 2017 went down 1.1% from the same month of last year. This was the consequence of the sale of non-performing placements and, to some extent, of the strengthening of the kuna against the euro which reduced the kuna value of placements indexed to the euro.

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-August 2017, see:

Central bank (CNB)

Other monetary financial institutions