Total liquid assets (M4) grew by HRK 2.8bn (0.9%) in February 2018, standing at HRK 304.5bn at the end of the month (Table 1). The monthly increase in the broadest monetary aggregate was primarily driven by the growth in the net foreign assets (NFA) of the monetary system, notably in the net foreign assets of the CNB. Net domestic assets (NDA) also grew in February, which is attributable to increases in both the placements to the central government and to other domestic sectors. Observed on an annual level, the rise in total liquid assets (M4) accelerated to 4.5% in February 2018, excluding the effect of exchange rate changes (Figure 1). The stronger increase in total liquid assets resulted from the pick-up in the annual growth in money (M1), which stood at 20.3% in February, and the slowdown in the annual decrease in quasi-money from –4.5% at end-January to –2.7% in February.

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) increased in February (transaction-based), amounting to HRK 217.3bn at the end of the month, with their annual growth rate dropping slightly to 2.9% (transaction-based, Figure 2). However, the annual growth in household and corporate placements continued to accelerate, reaching 4.4% and 3.1% respectively at end-February (Table 2). The slowdown in the growth of total placements was affected by the pronounced annual fall in placements to other financial institutions, which stood at –22.4% in February. The nominal stock of total placements was 1.0% lower at-end February 2018 than at end-February 2017, which was mostly due to the sale of non-performing placements.

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 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 that exclude the effects of exchange rate changes, securities price adjustments, reclassification 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 February 2018, see:

Central bank (CNB)
Other monetary financial institutions