Total liquid assets (M4) decreased by HRK 1.1bn (0.3%) in October 2017, standing at HRK 308.6bn at the end of the month (Table 1). The monthly decline in the broadest monetary aggregate was due to the fall in net domestic assets (NDA), while net foreign assets (NFA) increased. On an annual basis, total liquid assets continued to grow at the same pace in October 2017 as in the month before (3.8%, excluding the effects of exchange rate changes) (Figure 1), which was also the result of the upsurge in net foreign assets. The narrow monetary aggregate (M1) also dropped in October, while quasi-money held steady. The annual rate of growth in money reached a very high level of 20.5%.

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) rose mildly in October (based on transactions) and stood at HRK 219.3bn at the end of the month, recording an annual growth rate of 1.8% (based on transactions, Figure 2). The annual growth in placements to non-financial corporations halved to 1.4% in October, while the rise in placements to households picked up noticeably, from 2.6% in September to 3.6% in October (Table 2). In addition, placements to other financial institutions continued to decrease at two-digit rates on an annual basis (19.3% at end-October, based on transactions). In nominal terms, total placements were 1.2% lower at the end of October 2017 than at end-October last year, which was mostly the outcome of the sale of non-performing placements.

Table 1 Short 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 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-October 2017, see:

Central bank (CNB)
Other monetary financial institutions