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Monetary developments 2018Jul

Published on 08/28/2018
Domestic monetary resources are always strongly up
The growth rate of the resident monetary resources remains high in July (+ 5.2 %, after + 5.7 % in June), while slightly decreasing. This occasional decrease is mainly due to a weaker growth of overnight deposits (+ 8.4 %, after + 8.9 %) and a tightening of MMF shares' holding (- 1.6 %, after + 0.5 %), included in M3-M2.
The growth of saving accounts, including "Livret A" passbooks, is stable at + 3.8 %.
After taking into account the monetary external assets vis-à-vis other Eurozone countries, the French component of euro area monetary aggregate M3 increases, on a quarterly average, by 5.6 %, as the two previous months.
France : monetary resources of Monetary Financial Institutions
Outstandings (in € Bn) (a) Annual growth rate (in %) (a)
juil. 2018 May-2018 Jun-2018 juil. 2018
Overnight deposits 999 8.5 8.9 8.4
= Domestic resources included in M1 999 8.5 8.9 8.4
Domestic resources included in M1, 3-month moving average 8.7 8.8 8.6
Deposits with agreed maturity of up to 2 years 125 5.3 2.4 9.1
+ Saving accounts 665 3.9 3.8 3.8
= Domestic resources included in M2-M1 790 4.1 3.5 4.6
Domestic resources included in M2-M1, 3-month moving average 3.4 3.7 4.1
MMF shares 271 -1.0 0.5 -1.6
+ Repurchase agreements 21 27.5 35.7 8.5
+ Debt securities issued with a maturity of up to 2 years 58 0.4 -0.4 -6.7
= Domestic resources included in M3-M2 350 0.8 2.2 -1.9
Domestic resources included in M3-M2, 3-month moving average 1.7 2.7 0.3
Sum of domestic resources included in M3 2,139 5.5 5.7 5.2
Sum of domestic resources included in M3 , 3-month moving average 5.5 5.8 5.5
+ Monetary external liabilities vis-à-vis other monetary union members 228 5.0 6.2 12.7
- Monetary external assets vis-à-vis other monetary union members 47 14.3 13.6 7.8
= French component of euro area monetary aggregate M3 2,320 5.3 5.6 5.8
French component of euro area monetary aggregate M3, 3-month moving average 5.6 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, 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 - July 2018

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Monetary developments
  • Published on 08/28/2018
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Published on Tuesday, August 28, 2018