Monetary and credit aggregates

Published: 1/2/2015 Modified: 29/12/2017

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.


Changes in monetary and financial statistics resulting from the application of Money Market Fund Regulation (EU 2017/1131) and their impact on the compilation of monetary and financial statistics


Methodology - monetary and credit aggregates

Published: 26/2/2016

Table A1 Monetary and credit aggregates

The table shows data on some basic monetary and credit aggregates, including their monthly growth rates.

In March 2013, data on all the items were revised from July 1999 onward to include housing savings banks in addition to the Croatian National Bank, banks and savings banks.

A revision of all monetary aggregates was carried out in February 2015 so that data as from December 2010 were harmonised with the ESA 2010 statistical standard and the methodological treatment of kuna positions indexed to foreign currency was changed (up to and including May 2006, kuna items included kuna items indexed to foreign currency, while from June 2006 kuna items indexed to foreign currency are included in foreign currency items). The scope of other monetary financial institutions was expanded starting from December 2011 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.

Money (M1a) comprises currency outside credit institutions and demand deposits with credit institutions increased by demand deposits of the central government 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 (data series from December 2010). 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.