At the end of October 2018, total liquid assets (M4) stood at HRK 323.3bn, down by HRK 1.8bn or 0.6% from the end of September (Table 1). The monthly fall in this broadest monetary aggregate was mostly driven by a fall in net foreign assets (NFA) of the monetary system, and to a smaller degree, by the decrease in net domestic assets (NDA). On an annual level, the growth in total liquid assets (M4) slowed down to 5.4% in October, excluding the effect of exchange rate changes (Figure 1). As regards the components of total liquid assets, the annual growth in money (M1) slowed down to 19.1%, while the annual fall in quasi-money slowed down, standing at 1.6% at the end of October.

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 October by HRK 1.0bn or 0.4% (transaction-based), standing at HRK 223.5bn at the month's end, while their annual growth rate accelerated to 4.9% (transaction-based, Figure 2). The annual growth of corporate placements accelerated, totalling 3.7% at the end of October, while the annual growth of household placements stagnated at 5.9% (Table 2). In the structure of household loans, the annual growth of non-purpose cash loans accelerated to 11.8% and the annual growth of home loans slowed down to 3.2% because a more significant effect of this-year's programme of subsidies to home loans has not yet become visible. As for the nominal stock of total placements, their annual growth stood at 1.9% in October 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 %

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 June 2018, see:

Central bank (CNB)
Other monetary financial institutions