Bosnia’s M1 growth eases to 2.1% y/y in April 2013

By bne IntelliNews June 4, 2013

Bosnia’s money supply aggregate M1 increased 2.1% y/y to BAM 6.3bn (EUR 3.2bn) at end-April, slowing from the 2.7% annual growth registered the month before, central bank figures showed. The reading accounted for 22.5% of the forecast full-year GDP.

April’s M1 growth was supported by both rising currency in circulation and KM demand deposits. The latter recorded a 1.9% y/y increase to BAM 3.8bn for a second straight month in April.

The broader M2 aggregate grew 5.2% y/y to BAM 15.2bn in April, down from 5.7% a month earlier. M2 was lifted by rising other deposits in both foreign and domestic currency.

Quasi money (QM) thus grew 7.4% y/y to BAM 8.9bn in April, contributing 4.3 points to the 5.2% y/y M2 growth.

The M2-to-GDP ratio was broadly unchanged in annual terms at 54.5% at end-April. Both the M1 and M2 growth, however, remained well below their pre-crisis level (up 21% y/y at end-2007).

Bosnia's money supply Mar'13,y/y,% Apr'13,y/y,% Apr'13,BAM mn
M1 2.7 2.1 6,260.8
Currency in circulation 3.1 2.6 2,424.0
Demand deposits in BAM 2.5 1.9 3,836.8
QM (quasi money) 7.9 7.4 8,901.3
Demand deposits in foreign currency 0.2 1.3 1,047.2
Other deposits in domestic curr. 14.2 14.3 2,754.5
Other deposits in foreign curr. 6.5 5.3 5,099.6
M2 5.7 5.2 15,162.1
M1 2.7 2.1 6,260.8
QM (quasi money) 7.9 7.4 8,901.3
Source: CBBH      
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