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 July 2017

Comments on monetary developments for July 2017

Published: 31/8/2017

Total liquid assets (M4) amounted to HRK 301.4bn at the end of July 2017, up by HRK 4.9bn or 1.7% on the end of June (Table 1). This was predominantly driven by the seasonal increase in money (M1) of 4.7% during the peak tourist season. Quasi-money, the second M4 component, increased by 0.4% in July thanks to seasonal growth in foreign currency deposits of non-financial corporations. The annual growth of the broadest monetary aggregate, M4, slowed down in July to 3.1% (excluding the effects of exchange rate changes), from 3.7% at the end of the previous month (Figure 1). This was primarily a result of the acceleration in the annual decline of kuna non-monetary deposits. The annual growth of money (M1) remained very high (17.9%).

Figure 1 Monetary aggregates

annual rates of change

Figure 2 Placements

annual rates of change based on transactions

Source: CNB.


After five consecutive months of growth, total placements of monetary institutions to domestic sectors (excluding the government) remained virtually unchanged in July, while their annual growth rate declined modestly to 1.7%, based on transactions (Figure 2). The annual growth of placements to non-financial corporations and households accelerated to 2.8% and 2.3%, respectively (Table 2), while placements to other financial institutions recorded an annual fall of 18.5%. In nominal terms, however, total placements at the end of July totalled HRK 219.2bn, down 1.4% from the same month of last year. The nominal decrease in placements is a consequence of the sale of non-performing placements, and to a lesser 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-July 2017, see:

Central bank (CNB)

Other monetary financial institutions