At the end of November 2019, total liquid assets (M4) decreased slightly by 0.3% from the previous month (transaction-based, Table 1), due both to a strong fall in net foreign assets (NFA) and a strong growth in net domestic assets (NDA). The fall in NFA and the growth in NDA were mostly the result of the strong decrease in foreign exchange deposits of the central government with the CNB due to the repayment of a foreign government bond that matured early in November. On an annual basis, the growth of total liquid assets (M4) remained at 4.2% at the end of November, the same as in the previous month, though slightly slower than in the previous year (Figure 1). A strong annual increase in money (M1) continues to be noticed in the structure of M4, in particular that of demand deposits. However, the growth of M1 was less prominent then in the previous year. At the same time, the annual fall of quasi-money continued at a similar intensity as in 2018.

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

Total placements of monetary institutions to domestic sectors (excluding the government) rose by HRK 2.4bn in November, while their annual growth rate increasing to 3.5% (transaction-based, Figure 2). The annual growth of placements to non-financial corporations slowed down noticeably (from –2.5% at the end of October to –1.0% at the end of November), which was, in addition to new borrowings of a large number of corporations, aided by the waning of a part of the negative effect of the activation of government guarantees to shipyards last year. As for households, their annual growth continued at a similar pace as over the previous few months (7.0%). The annual growth of general-purpose cash loans continued to slow down, while the growth of housing loans continued to accelerate, also reflecting the effect of the continued housing loans subsidy programme by the Croatian Government. The annual growth in the nominal stock of placements, totalling 2.1% in November, was lower than transaction-based growth, primarily as a consequence of the sale of non-performing corporate placements.

Table 1 Summary consolidated balance sheet of monetary institutions
in billion HRK and %

¹The sum total of asset items 2.2 to 2.8 of Bulletin Table B1: Consolidated balance sheet of monetary financial institutions.
²The 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 %

¹In addition to placements to households and corporates, they also include placements to the local government and other financial institutions.
²The 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 2019, see:

Central bank (CNB)
Other monetary financial institutions