Total liquid assets (M4) grew by HRK 1.1bn (0.4%) in April 2018, standing at HRK 304.9bn at the end of the month (Table 1). The monthly increase in the broadest monetary aggregate was driven by the growth in the net foreign assets (NFA) of the monetary system, which was equally attributable to developments in the net foreign assets of the CNB and credit institutions. On the other hand, net domestic assets (NDA) edged down in April due to the fall in credit institutions' net claims on the central government. Observed on an annual level, the rise in total liquid assets (M4) accelerated to 5.5% in April, excluding the effect of exchange rate changes (Figure 1). In terms of components of total liquid assets, the annual growth in money (M1) decelerated slightly, to 21.7%, while the annual decline in quasi-money slowed to –2.6%.

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) continued to grow in April (transaction-based), amounting to HRK 220.2bn at the end of the month, with their annual growth rate increasing to 3.2% (Figure 2). The annual growth of placements to households accelerated steadily, reaching 4.9% at end-April, while placements to corporations grew at a rate of 3.0% (Table 2). The nominal stock of total placements was 1.0% lower at-end April 2018 than at end-April 2017, which was mostly due to the sale of non-performing placements, but also of the strengthening of the kuna.

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 net of the changes in the exchange rate, price adjustments of securities, loan reclassification and write-offs, including the sale of placements to the amount of their value adjustments.

Source: CNB.

For detailed information on monetary statistics as at end-April 2018, see:

Central bank (CNB)
Other monetary financial institutions