2026-01-26 14:20
publication
2026-01-26 14:20
In December 2025, the value of the money supply increased by PLN 44.9 billion, the National Bank of Poland reported. According to the National Bank of Poland, the reasons for the increase in money supply included: increase in the value of household deposits.
The money supply (M3) increased by 10.4% in December 2025. y/y to PLN 2,737,686.9 million. On a monthly basis, the money supply increased by 1.7%.
We already have over PLN 2.7 trillion in circulation
On Monday, the National Bank of Poland released data on the M3 money supply in December 2025. They show that at the end of December 2025, the value of the M3 money supply amounted to PLN 2 trillion, 737.7 billion and was PLN 44.9 billion higher than at the end of November 2025.
Poles and companies are hoarding cash
“In December 2025, the value of deposits and other liabilities included in the M3 money supply in the non-financial enterprise sector increased by PLN 31.8 billion, i.e. 5.6 percent, to PLN 598.9 billion, in the household sector by PLN 26.3 billion, i.e. 1.9 percent, to PLN 1,436.9 billion, while in the local government sector it decreased by PLN 17.2 billion, i.e. 14.8%, to the level of PLN 98.9 billion,” we read in the NBP announcement.
Local governments are cleaning out their coffers, the government is borrowing heavily
The central bank also announced that the net debt of the central government sector increased by PLN 34.8 billion (6%), to PLN 618.5 billion. The debt of the local government sector increased by PLN 8.5 billion, or 10.5%. and amounted to PLN 89.1 billion. The debt of the household sector increased by PLN 2.3 billion (0.3%), to PLN 830.6 billion, and the debt of the non-financial enterprise sector decreased by PLN 7.7 billion, or 1.6%, to PLN 461.6 billion.
| M3 money supply and its creation factors | |||||||
|---|---|---|---|---|---|---|---|
| Specification | Condition: | Condition: | Condition: | Change from | Change from | ||
| DETAILS | Dec 24 | Nov 25 | Dec 25 | Dec 24 | Nov 25 | ||
| in PLN million | in PLN million | in PLN million | in PLN million | In % | in PLN million | In % | |
| A. MONEY SUPPLY (M3) | 2,479,751.5 | 2,692,766.1 | 2,737,686.9 | 257,935.4 | 10.4 | 44,920.9 | 1.7 |
| 1. Cash in circulation (outside bank cash registers) | 399 102.2 | 451,200.8 | 455 555.5 | 56,453.3 | 14.1 | 4,354.7 | 1.0 |
| 2. Deposits and other liabilities towards domestic sectors | 2,069,744.5 | 2,223,803.1 | 2,270,060.9 | 200 316.4 | 9.7 | 46,257.8 | 2.1 |
| 2.1. Households | 1,325,916.2 | 1,410,640.9 | 1,436,899.5 | 110,983.3 | 8.4 | 26,258.6 | 1.9 |
| 2.2. Other financial institutions | 75,111.5 | 76,253.8 | 78,440.8 | 3,329.3 | 4.4 | 2,187.0 | 2.9 |
| 2.3. Non-financial enterprises | 523,480.9 | 567,068.0 | 598,893.8 | 75,412.8 | 14.4 | 31,825.8 | 5.6 |
| 2.4. Non-commercial institutions acting for the benefit of the economy. house. | 39,375.7 | 42,577.7 | 41,050.2 | 1,674.4 | 4.3 | -1,527.6 | -3.6 |
| 2.5. Local government institutions | 87,022.6 | 116,010.2 | 98,857.2 | 11,834.6 | 13.6 | -17,153.0 | -14.8 |
| 2.6. Social security funds | 18,837.5 | 11,252.5 | 15,919.5 | -2,918.0 | -15.5 | 4,667.0 | 41.5 |
| 3. Other components of M3 money | 10,904.8 | 17,762.1 | 12,070.5 | 1,165.8 | 10.7 | -5,691.6 | -32.0 |
| B. Net foreign assets in PLN million | 869,899.8 | 982 383.1 | 968 144.8 | 98,245.0 | 11.3 | -14,238.3 | -1.4 |
| in EUR million | 203,580.6 | 231,863.7 | 229,054.5 | 25,474.0 | 12.5 | -2,809.1 | -1.2 |
| C. Net domestic assets | 1,609,851.6 | 1,710,382.9 | 1,769,542.1 | 159,690.5 | 9.9 | 59,159.2 | 3.5 |
| 1. Receivables from domestic sectors | 1,535,226.3 | 1,594,523.7 | 1,592,546.4 | 57,320.1 | 3.7 | -1,977.3 | -0.1 |
| 1.1. Households | 797,873.6 | 828 339.6 | 830 608.9 | 32,735.3 | 4.1 | 2,269.3 | 0.3 |
| 1.2. Other financial institutions | 227,932.5 | 207,448.4 | 202,431.3 | -25,501.2 | -11.2 | -5,017.1 | -2.4 |
| 1.3. Non-financial enterprises | 420,483.9 | 469,305.4 | 461,584.6 | 41,100.6 | 9.8 | -7,720.8 | -1.6 |
| 1.4. Non-commercial institutions acting for the benefit of the economy. house. | 8,392.5 | 8,809.8 | 8,828.6 | 436.1 | 5.2 | 18.8 | 0.2 |
| 1.5. Local government institutions | 80,543.8 | 80,620.4 | 89,093.0 | 8,549.2 | 10.6 | 8,472.6 | 10.5 |
| 1.6. Social security funds | 0.0 | 0.1 | 0.0 | 0.0 | -66.7 | -0.1 | -87.7 |
| 2. Net debt of central government institutions | 458 300.2 | 583,725.3 | 618,527.1 | 160,226.9 | 35.0 | 34,801.8 | 6.0 |
| 3. Other items (net) | -383,674.9 | -467,866.0 | -441,531.4 | -57,856.5 | 15.1 | 26,334.6 | -5.6 |
| Additional information: | |||||||
| Average NBP exchange rate PLN/1 EUR | 4.2730 | 4.2369 | 4.2267 | – | -1.1 | – | -0.2 |
| Average NBP exchange rate: PLN/1 USD | 4.1012 | 3.6624 | 3.6016 | – | -12.2 | – | -1.7 |
| Foreign currency deposits included in M3 (from item A.2.) in EUR million | 63,911.7 | 67,277.9 | 67,531.4 | 3,619.7 | 5.7 | 253.5 | 0.4 |
(PAP Business)
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