At the end of September 2018, total liquid assets (M4) stood at HRK 325.1bn, up by HRK0.9bn or 0.3% from the end of August (Table 1). The monthly increase in M4 was driven by the growth of net domestic assets, while net foreign assets remained almost unchanged. On an annual level, the growth in total liquid assets accelerated to 5.6% in September 2018, excluding the effect of exchange rate changes (Figure 1). The annual increase in total liquid assets continues to be generated amid the strong growth in net foreign assets (15.3%) and the fall in net domestic assets of the monetary system (–1.5%). In the structure of M4, the annual growth in money (M1) increased modestly to 20.4%, while the annual fall in quasi-money increased slightly to –1.9% at the end of September.

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

After stagnating in July and August, total placements of monetary institutions to domestic sectors (except the government) increased in September 2018, by HRK 0.9bn (based on transaction) and stood at HRK 222.8bn at the end of the month. On an annual level (if observed on the basis of transactions), the growth of total placements continued accelerating in September, reaching 4.6% (Figure 2). The annual growth of corporate placements picked up, totalling 3.3% at the end of September, while the annual growth of household placements reduced slightly to 5.9% (Table 2). As for the nominal stock of total placements, their annual growth stood at 1.2% at end-September 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 September 2018, see:

Central bank (CNB)
Other monetary financial institutions