Monetary developments 2021Jul

Growth in the French component of aggregate M3 is stable at 7.9 %

On an annual basis, growth of the overnight deposits stabilizes in July at + 8.8 % (up from + 8.7 % in June and down from + 8.9 % in May 2021).

The growth of M2 - M1 aggregate is unchanged in July with + 6.4 % year-on-year, the slight slowdown in saving accounts (+ 8.6 %, down from + 8.7 % in June) is offset by a smaller decline in deposits with agreed maturity of up to 2 years (- 7.0 %, down from - 7.9 % in June).

The annual growth of M3-M2 aggregate becomes negative (- 0.5 %, down from + 2.0 % in June and + 7.2 % in May), the smaller contraction in outstandings of debt securities issued with a maturity of up to 2 years and in repurchase agreements (resp. - 13.4 % and - 27.1 % in July) being more than offset by the slowdown in MMF shares investments in July (+ 6.3 %, down from + 8.4 %).

After taking into account monetary assets and liabilities vis-à-vis other euro area members, the growth in the French component of aggregate M3 is almost unchanged in July 2021 (+ 7.9 % year-on-year, up from + 7.8 % in June and + 9.0 % in May 2021).

France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
July 2021 May-2021 Jun-2021 July 2021
Overnight deposits 1,491 8.9 8.7 8.8
= Domestic resources included in M1 1,491 8.9 8.7 8.8
Domestic resources included in M1, 3-month moving average 13.0 10.2 8.8
Deposits with agreed maturity of up to 2 years 113 1.1 -7.9 -7.0
+ Saving accounts 811 9.4 8.7 8.6
= Domestic resources included in M2-M1 924 8.2 6.4 6.4
Domestic resources included in M2-M1, 3-month moving average 8.9 7.8 7.0
MMF shares 282 21.0 8.4 6.3
+ Repurchase agreements 30 -29.4 -12.9 -27.1
+ Debt securities issued with a maturity of up to 2 years 46 -21.0 -16.8 -13.4
= Domestic resources included in M3-M2 359 7.2 2.0 -0.5
Domestic resources included in M3-M2, 3-month moving average 6.3 6.1 2.9
Sum of domestic resources included in M3 2,774 8.4 7.0 6.7
Sum of domestic resources included in M3 , 3-month moving average 10.6 8.8 7.4
+ Monetary external liabilities vis-à-vis other monetary union members 288 11.1 13.5 18.0
- Monetary external assets vis-à-vis other monetary union members 47 -7.9 -4.3 -4.7
= French component of euro area monetary aggregate M3 3,014 9.0 7.8 7.9
French component of euro area monetary aggregate M3, 3-month moving average 11.0 9.5 8.2
(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 - July 2021

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