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Monetary developments 2018May

Published on 06/27/2018
Monetary resources slowdown slightly
The resident monetary resources' growth rate decreased in May (+5.6%, down from +6.2% in April), mainly due to the MMF shares' contraction (-1.0% after +3.5%).
Overnight deposits continued to grow at a sustained pace (+8.8% after +9.1%).
Supported by deposits with agreed maturity of up to 2 years, domestic resources included in M2-M1 accelerated (+4.1% after +3.3%).
Taking assets and liabilities vis-à-vis the rest of the euro area into account, the French component of monetary aggregate M3 decelerated in May (+5.3% after +6.1% in April).
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
May-2018 Mar-2018 Apr- 2018 May-2018
Overnight deposits 969 8.8 9.1 8.8
= Domestic resources included in M1 969 8.8 9.1 8.8
Deposits with agreed maturity of up to 2 years 121 -3.6 -1.1 5.2
+ Saving accounts 660 4.1 4.1 3.9
= Domestic resources included in M2-M1 781 2.8 3.3 4.1
MMF shares 270 -3.8 3.5 -1.0
+ Repurchase agreements 25 46.2 27.1 26.2
+ Debt securities issued with a maturity of up to 2 years 62 -1.1 4.3 0.5
= Domestic resources included in M3-M2 356 -0.8 5.0 0.8
Sum of domestic resources included in M3 2,106 4.8 6.2 5.6
+ Monetary external liabilities vis-à-vis other monetary union members 221 14.7 5.9 4.4
- Monetary external assets vis-à-vis other monetary union members 51 19.0 11.4 13.8
= French component of euro area monetary aggregate M3 2,276 5.5 6.1 5.3
(a) Seasonally-adjusted data.
Source : Banque de France
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, methodologyAll statistical time series published by the Banque de France can be accessed on Webstat Banque de France

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Monetary developments
STAT INFO - May 2018

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Monetary developments
  • Published on 06/27/2018
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Published on Wednesday, June 27, 2018