Monetary developments 2022Sep

Published on 26 October 2022

Following a change in the editorial line of some Stat Info (see the press release available here, this publication is now discontinued but the corresponding time series remain available in Webstat (the Banque de France's statistics website). The new Stat info "Money and credit to residents" can be consulted online here

Strong increase of the stock of deposits with agreed maturity in the context of a return to higher interest rates

On an annual basis, the growth in overnight deposits slows significantly in September (+2.7% down from +5.4% in August 2022).

The growth rate of the M2 - M1 aggregate increases strongly in September (+10.8%, up from +7.8% in August and +6.6% in July), driven by deposits with agreed maturity of up to 2 years (+43.9%, after +20.0% in August) and saving accounts (+6.2%, after +6.0% in August), in a context of rising remuneration for these products.

Growth in the M3-M2 aggregate, which had been negative for a year, turns positive in September (+3.0% after -5.5% in August) due to a smaller decline in the outstanding amount of money market funds.

Overall, after taking into account gross monetary liabilities and assets vis-à-vis the rest of the euro area, the growth rate of the French component of the euro area monetary aggregate M3 increases slightly in September 2022 (+ 6.2%, up from +6.1% in August).

France : Monetary Resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
Sep-2022 Jul-2022 Aug-2022 Sep-2022
Overnight deposits 1,546 5.9 5.6 2.9
= Domestic resources included in M1 1,546 5.9 5.6 2.9
Domestic resources included in M1, 3-month moving average 6.6 5.9 4.8
Deposits with agreed maturity of up to 2 years 168 13.4 19.9 43.9
+ Saving accounts 862 5.6 6.0 6.2
= Domestic resources included in M2-M1 1,030 6.6 7.8 10.8
Domestic resources included in M2-M1, 3-month moving average 5.6 6.9 8.4
MMF shares 217 -20.9 -20.3 -14.9
+ Repurchase agreements 43 52.6 49.6 30.2
+ Debt securities issued with a maturity of up to 2 years 43 39.9 46.4 77.5
= Domestic resources included in M3-M2 302 -6.7 -5.8 0.2
Domestic resources included in M3-M2, 3-month moving average -4.9 -5.1 -4.4
Sum of domestic resources included in M3 2,878 4.5 4.9 5.2
Sum of domestic resources included in M3 , 3-month moving average 4.8 4.8 4.9
+ Monetary external liabilities vis-à-vis other monetary union members 328 12.4 13.9 8.1
- Monetary external assets vis-à-vis other monetary union members 54 -14.0 -19.1 -28.7
= French component of euro area monetary aggregate M3 3,152 5.6 6.2 6.1
French component of euro area monetary aggregate M3, 3-month moving average 5.7 5.9 5.9
(a) Seasonally-adjusted data.
Source : Banque de France
Contributions to the growth of the French component of M3
(Annual growth rate in %)
Additional information
The outstanding amount of monetary claims (excluding coins and banknotes) consists of claims with an initial maturity of up to and including 2 years that monetary counterparts (basically households, non-financial corporations, general government excluding central government, insurance corporations, non-money market funds, investment funds and financial vehicle corporations) hold against monetary financial institutions (deposit-taking institutions, sociétés de financement under French law, Caisse des dépôts et consignations, MMF and the central bank).
Saving accounts include regulated saving accounts, i.e. livrets A, livrets de développement durable, comptes d'épargne logement, livrets d'épargne populaire, and non-regulated saving accounts, i.e. livrets jeunes and livrets ordinaires. One part of the amounts held on regulated saving accounts is transferred by deposit-taking institutions to a fund managed by the Caisse des dépôts et consignations; the other part remains in banks' balance sheets. Debt securities with maturity of up to 2 years mainly include certificates of deposit (short term paper) issued by French deposit-taking institutions and subscribed by neither MMF nor deposit-taking institutions counterparts.
Annual growth rates are adjusted for reclassifications and revaluations but not for foreign exchange rate effects.

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Monetary developments
STAT INFO - September 2022

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Updated on 15 March 2023