Monetary developments 2019Jul

Money growth is still driven by overnight deposits
In July, overnight deposits keep on growing at a strong pace (+ 10.4 % after + 10.7 %). Saving accounts encounter a slight decrease of their growth's rhythm (+ 4.6 % after + 4.9 %) meanwhile deposits with agreed maturity diminution speeds-up (- 5.7 % after - 3.8 %). In total, domestic resources included in M2-M1 are growing at a lower rate than last month (+ 3.0 % after+ 3.6 %). The contraction in domestic resources included in M3-M2 resorbs ( 0.4 % after - 5.2 %).
After taking into account monetary external assets vis-à-vis other monetary union members, the pace of growth of the French component of the euro area monetary aggregate M3 accelerates slightly (+ 5.7 % after + 5.4 % in June).
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
Jul-19 May-19 June-19 Jul-19
Overnight deposits 1,106 10.1 10.7 10.4
= Domestic resources included in M1 1,106 10.1 10.7 10.4
Domestic resources included in M1, 3-month moving average 10.2 10.1 10.4
Deposits with agreed maturity of up to 2 years 118 -3.9 -3.8 -5.7
+ Saving accounts 695 5.0 4.9 4.6
= Domestic resources included in M2-M1 814 3.6 3.6 3.0
Domestic resources included in M2-M1, 3-month moving average 3.8 3.8 3.4
MMF shares 262 -2.2 -5.5 -3.1
+ Repurchase agreements 21 -14.8 -18.5 -4.0
+ Debt securities issued with a maturity of up to 2 years 66 1.1 1.2 13.6
= Domestic resources included in M3-M2 349 -2.5 -5.2 -0.4
Domestic resources included in M3-M2, 3-month moving average -2.7 -3.6 -2.7
Sum of domestic resources included in M3 2,268 5.6 5.4 5.9
Sum of domestic resources included in M3 , 3-month moving average 5.7 5.5 5.6
+ Monetary external liabilities vis-à-vis other monetary union members 237 5.3 6.2 5.2
- Monetary external assets vis-à-vis other monetary union members 54 -0.6 7.9 13.9
= French component of euro area monetary aggregate M3 2,452 5.7 5.4 5.7
French component of euro area monetary aggregate M3, 3-month moving average 5.7 5.6 5.6
(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.
More information on time series, calendar, methodology

All statistical time series published by the Banque de France can be accessed on
Webstat Banque de France

Publication available under Apple and Android
Monetary developments
STAT INFO - July 2019

Contact Stat Info

Download the PDF version of this document

Monetary developments
  • Published on 08/28/2019
  • EN
  • PDF (773.31 KB)
Download (EN)

Published on Wednesday, August 28, 2019