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Monetary developments 2017Apr

Published on 05/29/2017
Domestic monetary resources slow down
Domestic monetary resources of French monetary financial institutions decelerate in April (+6.0%, after +6.8% in March), as the acceleration of overnight deposits (+13.1%, after +12.0%), included in M1, does not offset the sharp decrease in the growth rate of MMF shares (+1.5%, after +9.4%), included in M3-M2.
The growth rate of domestic resources included in M2-M1 is almost stable (+1.3% in April, after +1.4%).
After taking into account monetary external assets and liabilities vis-à-vis other monetary union members, the growth rate of the French component of euro area monetary aggregate M3 decreases (+6.4%, after +7.0%).
France : monetary resources of Monetary Financial Institutions
Outstandings (in EUR Bn) (a) Annual growth rate (in %) (a)
Apr-17 Feb-17 Mar-17 Apr-17
Overnight deposits 880 11,2 12,0 13,1
= Domestic resources included in M1 880 11,2 12,0 13,1
Deposits with agreed maturity of up to 2 years 129 -3,5 -5,5 -7,1
+ Saving accounts 623 2,5 3,0 3,3
= Domestic resources included in M2-M1 752 1,3 1,4 1,3
MMF shares 259 4,7 9,4 1,5
+ Repurchase agreements 19 -9,5 -20,2 -12,9
+ Debt securities issued with a maturity of up to 2 years 62 6,9 7,0 -1,7
= Domestic resources included in M3-M2 341 4,3 6,9 0,0
Sum of domestic resources included in M3 1 974 6,0 6,8 6,0
+ Monetary external liabilities vis-à-vis other monetary union members 196 4,6 8,2 15,6
- Monetary external assets vis-à-vis other monetary union members 41 -3,9 2,6 34,6
= French component of euro area monetary aggregate M3 2 128 6,1 7,0 6,4
(a) Seasonally-adjusted data.
Source : BdF
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, 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. Amounts held on regulated saving accounts are partly transferred by deposit-taking institutions to a fund managed by the Caisse des dépôts et consignations. 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

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Monetary developments
  • Published on 05/29/2017
  • FR
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Published on Monday, May 29, 2017