In November 2018, total liquid assets (M4) fell by HRK 0.9bn (–0.3%) and at the end of the month stood at HRK 322.4bn (Table 1). The monthly fall in this broadest monetary aggregate was driven by a fall in net foreign assets (NFA) of the monetary system, in particular the fall in net foreign assets of credit institutions. By contrast, the increase in the system's net domestic assets (NDA) in November was mostly driven by the growth in monetary institutions' net claims on the central government resulting from the decrease in government deposits with the CNB. On an annual level, the growth in total liquid assets (M4) accelerated to 6.2% in November 2018, excluding the effect of exchange rate changes (Figure 1). As regards the components of total liquid assets, the annual growth in money (M1) accelerated to 22.3%, while the annual fall in quasi-money intensified and stood at 2.3% at the end of November.

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) went up by HRK 1.2bn in November (transaction-based), ending the month at HRK 224.3bn. At the annual level, the growth in total placements (transaction-based) edged down to 4.7% in November (Figure 2). This was due to the slowdown in the annual growth of placements to non-financial corporations, amounting to 3.1% at the end of November, while the growth of household placements accelerated to 6.2% from the same period in 2017 (Table 2). Observing the structure of household loans, the annual growth of general-purpose cash loans continued to accelerate, and the same trend was observed in the annual growth of housing loans as a result of this year's programme of subsidised housing loans. As for the nominal stock of total placements, their annual growth stood at 1.5% at end-November and was significantly slower than the transaction-based growth, primarily as a result of 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 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 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 November 2018, see:

Central bank (CNB)
Other monetary financial institutions