Total liquid assets (M4) stood at HRK 334.9bn at the end of October 2019, down 0.8% from the previous month (based on transactions, Table 1). If analysed on an annual basis, the growth in total liquid assets (M4) slowed down to 4.2% in October 2019 (Figure 1). The annual fall of quasi-money deepened to –2.6% (based on transactions) at the end of the month, while the annual growth of money (M1) accelerated to 17.0%, mostly due to the acceleration in the growth of demand deposits.

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) increased by HRK 1.0bn in October (based on transactions), ending the month at HRK 226.9bn. On an annual basis, the growth of total placements remained at 3.0% in October, the same as in the previous month. The annual growth of placements to non-financial corporations totalled –2.5% and the growth of placements to households 6.9% (Table 2). The decrease in the annual growth of general-purpose cash loans from 12.3% in September to 11.8% in October contributed to the slight slowdown in placements to households, while the growth of housing loans in the same period accelerated from 4.8% to 5.1%, thus reflecting the effect of this year’s housing loans subsidy programme. The annual growth in the nominal stock of placements was 1.5% in October, considerably lower than transaction-based growth (3.0%), primarily because 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 October 2019, see:

Central bank (CNB)
Other monetary financial institutions