Total liquid assets (M4) decreased by HRK 2.5bn (–0.8%) in November 2017, standing at HRK 306.1bn at the end of the month (Table 1). The monthly decrease in the broadest monetary aggregate was contributed by a fall in net domestic assets (NDA) resulting from a considerable decline in net claims on the central government, largely due to the inflow of funds from a government euro bond issue. This inflow also boosted the growth of net foreign assets (NFA) of the CNB, while banks' net foreign assets decreased in November. The annual growth of total liquid assets decelerated in November 2017 from the previous month (to 3.1%, excluding the effects of exchange rate changes) (Figure 1), which was primarily the result of other domestic financial institutions' investment in the new government euro bond. The annual growth rate of the narrow monetary aggregate (M1) did not change considerably from the previous month, remaining as high as 20.2% at the end of November, while quasi-money dropped at an annual rate of 3.8%.

Figure 1 Monetary aggregates annual rates of change	Figure 2 Placements annual rates of change based on transactions
Source: CNB.

The total placements of monetary institutions to domestic sectors (excluding the government) rose in November (transaction-based) to stand at HRK 220.9bn at the end of the month, up at an accelerated annual rate of 2.7% (transaction-based, Figure 2). The annual growth in placements to non-financial corporations and households accelerated to 2.0% and 3.8% respectively (Table 2). The annual growth of total placements was also supported by the strong growth of placements to other domestic financial institutions in November. The nominal stock of placements was 0.6% lower at the end of November 2017 than at the end of November 2016, which was largely 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 asset items 2 to 5 of Bulletin Table B1: Consolidated balance sheet of monetary financial institutions.

Source: CNB.

Table 2 Placements (except 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-November 2017 see:

Central bank (CNB)
Other monetary financial institutions