Bank of Lithuania Makes Monetary Survey of MFIs for September 2008
OREANDA-NEWS. October 30, 2008. In September 2008, M3 broad monetary aggregate decreased by LTL 1.3 billion to LTL 45.2 billion. At the end of September, the annual growth rate of M3 was 10.6%, reported the press-centre of Bank of Lithuania.
During the month, M2 intermediate monetary aggregate as a result of transactions went down by LTL 568.1 million to LTL 44.2 billion. At the end of September, the annual growth rate of M2 was 9.9%. Over the same month, M1 narrow monetary aggregate contracted by LTL 405.3 million to LTL 25.6 billion, while its decrease over the past twelve-month period made up 3.2%.
The September decrease of M3 due to transactions was driven mainly by a slump of LTL 663.8 million in debt securities with agreed maturity of up to 2 years, a decrease of LTL 327.3 million in overnight deposits, a decline of LTL 138.1 million in term deposits with agreed maturity of up to 2 years, and a drop of LTL 78.1 million in currency in circulation.
In September, the net external assets of MFIs as a result of transactions contracted by LTL 1.8 billion. At the end of the month it was negative at LTL 11.6 billion. The decline of the MFIs’ net external assets was the result of a decrease in the net external assets of other MFIs.
In September, domestic credit as a result of transactions soared by LTL 588.8 million, an annual growth of 24.8%. Loans of other MFIs to non-financial corporations went down by LTL 84.8 million; their annual growth rate was 26.4% at the end of September. Over the month, lending to households went up as a result of transactions by LTL 493.4 million, an increase of 29.9% over the past twelve-month period. In September, lending for house purchase grew by LTL 357.6 million as a result of transactions, a year-on-year increase of 32.8% at the end of the month. Consumer loans went up by LTL 56.0 million over the month, while other loans soared by LTL 79.7 million.
During the month, central government deposits hiked as a result of transactions by LTL 1.0 billion and longer-term financial liabilities of MFIs increased by LTL 126.4 million. In September, capital and reserves went up by LTL 138.0 million and was the main cause of the growth of these liabilities. A decrease in debt securities with agreed maturity of over 2 years and a rise in term deposits with agreed maturity over 2 years however pushed these liabilities down respectively by LTL 7.5 million and LTL 4.1 million.