Money (annual variation in %)
The stock of money in the economy can be measured according to different definitions. The simplest way to measure it is to use the amount of cash and reserves held within the banking system and the cash held by individuals. This definition is also called the “monetary base” and can be broadened by adding more types of money. For instance, bank deposits are usually included in a broader measure of the stock of money in the economy, since they are also used as a means of payment.
The annual variation of the stock of money refers to the increase with respect to the previous year. This will influence the evolution of prices, which will alter consumers’ and businesses’ perceptions of future prices and, consequently, consumption and investment behavior. Most central banks use the policy interest rate to curb growth in the quantity of money available in the economy and thus to influence prices. However, there are some central banks that try to control the quantity of money directly and let the money market determine the interest rates.
The table below shows the annual variation in money (based on different definitions) by country for the last five years.
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Money Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Algeria | 11.6 | 12.9 | 11.7 | 3.5 | - |
| Angola | 17.2 | 16.1 | 11.8 | 13.0 | 4.1 |
| Argentina | 25.7 | 28.9 | 28.2 | 30.4 | 26.0 |
| Armenia | 14.9 | -3.5 | 5.2 | 24.8 | 28.9 |
| Australia | 8.7 | 6.3 | 11.9 | 6.5 | 5.4 |
| Azerbaijan | 19.0 | 6.1 | -50.2 | 33.0 | 0.0 |
| Bahrain | 8.2 | 6.5 | 2.9 | 1.2 | 4.2 |
| Bangladesh | 16.7 | 16.1 | 12.4 | 16.4 | 11.9 |
| Belarus | 15.5 | 14.5 | -0.4 | 19.4 | 30.2 |
| Bolivia | 17.7 | 17.1 | 16.3 | -3.9 | 8.2 |
| Botswana | 4.0 | 11.0 | 19.9 | 5.4 | 2.7 |
| Brazil | 11.9 | 9.9 | 6.3 | 3.8 | 4.8 |
| Bulgaria | 9.0 | 1.2 | 8.8 | 7.6 | 7.7 |
| Canada | 7.0 | 4.9 | 6.1 | 8.6 | 5.8 |
| Chile | 11.2 | 8.2 | 11.6 | 11.1 | 4.8 |
| China | 13.6 | 12.2 | 13.3 | 11.3 | 8.1 |
| Colombia | 14.7 | 9.1 | 12.5 | 6.9 | 5.0 |
| Costa Rica | 11.9 | 11.6 | 13.9 | 7.3 | 9.5 |
| Croatia | 11.5 | 9.6 | 11.4 | 18.2 | 19.1 |
| Czech Republic | 5.0 | 6.6 | 8.4 | 6.6 | 8.6 |
| Denmark | 3.2 | 7.7 | 11.3 | 7.5 | 6.6 |
| Dominican Republic | 11.7 | 11.5 | 11.6 | 11.0 | 11.3 |
| Egypt | 18.4 | 17.0 | 16.4 | 18.6 | 39.3 |
| El Salvador | 3.1 | -0.4 | 6.3 | 3.4 | 11.4 |
| Estonia | 6.7 | 9.9 | 11.6 | 9.5 | 5.8 |
| Ethiopia | 22.3 | 29.1 | 21.7 | 25.1 | 21.4 |
| Eurozone | 0.4 | 5.2 | 5.0 | 5.0 | 4.1 |
| Georgia | 33.2 | 9.1 | -2.5 | 12.9 | 29.4 |
| Ghana | 18.2 | 33.0 | 26.6 | 24.6 | 19.8 |
| Guatemala | 9.0 | 8.7 | 9.5 | 6.6 | 8.4 |
| Haiti | 6.3 | 8.9 | 14.6 | 5.5 | 11.7 |
| Honduras | 8.5 | 13.1 | 8.1 | 12.9 | 12.4 |
| Hong Kong | 12.4 | 9.5 | 5.5 | 7.7 | 11.0 |
| Hungary | 4.4 | 9.0 | 7.5 | 9.9 | 9.9 |
| India | 12.3 | 11.7 | 11.5 | 6.3 | 21.9 |
| Indonesia | 12.8 | 11.9 | 9.0 | 11.0 | 8.3 |
| Iran | 38.8 | 22.3 | 30.0 | 23.2 | - |
| Jamaica | 4.2 | 4.4 | 14.5 | 11.9 | 29.1 |
| Japan | 4.2 | 3.5 | 3.1 | 3.9 | 3.6 |
| Jordan | 9.7 | 6.9 | 8.1 | 4.0 | 0.3 |
| Kazakhstan | 1.5 | -8.2 | 7.9 | 46.1 | 7.5 |
| Kenya | 14.5 | 18.6 | 12.8 | 4.8 | 7.5 |
| Korea | 4.6 | 8.1 | 8.2 | 7.1 | 5.1 |
| Kosovo | - | - | - | - | - |
| Latvia | 8.0 | 11.8 | 13.9 | 7.4 | 5.9 |
| Lithuania | 4.9 | 1.5 | 33.1 | 7.3 | 5.9 |
| Macedonia | 0.2 | 7.2 | 7.6 | 6.1 | 4.1 |
| Malaysia | 7.7 | 7.5 | 2.9 | 3.1 | 4.8 |
| Mexico | 11.7 | 11.4 | 5.2 | 6.8 | 8.2 |
| Moldova | -4.2 | -9.2 | 18.3 | 14.1 | - |
| Mongolia | 24.2 | 12.5 | -5.5 | 21.0 | 30.5 |
| Morocco | 2.7 | 5.0 | 7.0 | 6.3 | 7.8 |
| New Zealand | 15.6 | 11.3 | 14.2 | 2.1 | - |
| Nicaragua | 19.6 | 13.0 | 19.1 | 11.5 | 13.0 |
| Nigeria | 1.3 | 20.6 | 5.8 | 17.8 | 1.7 |
| Norway | 7.3 | 6.4 | 0.6 | 5.1 | 6.0 |
| Pakistan | 16.9 | 12.6 | 12.8 | 14.5 | 13.9 |
| Panama | -11.2 | 31.0 | -1.2 | 0.4 | 1.2 |
| Paraguay | 17.5 | 7.8 | 5.8 | 8.1 | 16.4 |
| Peru | 7.4 | 7.3 | 2.0 | 11.5 | 13.0 |
| Philippines | 33.5 | 11.5 | 9.1 | 13.3 | 11.6 |
| Poland | 6.7 | 8.8 | 9.6 | 9.7 | 4.5 |
| Portugal | 1.9 | 0.9 | 4.4 | 8.9 | 8.0 |
| Qatar | 19.6 | 11.6 | 3.4 | -4.6 | 21.3 |
| Romania | 8.8 | 8.4 | 9.4 | 9.8 | 11.4 |
| Russia | 14.9 | 1.5 | 11.3 | 9.2 | 11.5 |
| Saudi Arabia | 11.1 | 14.6 | 2.4 | 3.6 | -1.0 |
| Serbia | 13.9 | 12.1 | 14.4 | 15.1 | 7.9 |
| Singapore | 4.3 | 3.3 | 1.5 | 8.0 | 3.2 |
| Slovakia | 6.2 | 5.2 | 11.1 | 5.2 | 6.2 |
| Slovenia | -1.3 | 6.7 | 5.0 | 7.7 | 6.6 |
| Sri Lanka | 18.0 | 13.1 | 17.2 | 18.9 | 17.5 |
| Sweden | 5.7 | 5.6 | 8.2 | 7.1 | 7.1 |
| Switzerland | 3.1 | 2.6 | 1.4 | 3.9 | 4.1 |
| Taiwan | 5.8 | 6.1 | 5.8 | 3.6 | 3.6 |
| Tajikistan | 18.6 | 3.5 | 12.2 | 56.7 | 36.6 |
| Tanzania | 17.0 | 13.4 | 5.3 | 11.4 | - |
| Thailand | 3.9 | 1.3 | 5.7 | 4.8 | 9.4 |
| Trinidad and Tobago | 8.8 | 13.1 | -1.4 | 3.2 | -2.1 |
| Tunisia | 4.4 | 8.0 | 8.4 | 8.0 | 16.9 |
| Turkey | 21.5 | 11.9 | 17.4 | 17.6 | 15.5 |
| USA | 6.7 | 6.2 | 5.8 | 6.8 | 5.6 |
| Uganda | 8.4 | 15.6 | 5.4 | 13.6 | 15.6 |
| United Arab Emirates | 22.8 | 7.9 | 5.5 | 3.3 | 4.1 |
| United Kingdom | 5.4 | 6.2 | 5.9 | 3.1 | 3.1 |
| Uruguay | 15.0 | 3.7 | 5.6 | 8.4 | 15.0 |
| Venezuela | 69.7 | 64.0 | 111 | 159 | 1,121 |
| Vietnam | 18.9 | 17.7 | 16.2 | 18.4 | - |
| Zambia | 11.8 | 11.3 | 24.9 | 0.1 | 20.7 |
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Money Economic News
Indonesia: Bank Indonesia hikes rates in November
November 15, 2018
At its 14–15 November monetary policy meeting, Bank Indonesia (BI) surprised markets by increasing the seven-day reverse repo rate from 5.75% to 6.00%, marking the sixth rate hike so far this year.
Thailand: Bank of Thailand stays put in November, but a rate hike remains on the cards
November 14, 2018
Hawkishness continues to grow among the members of the Monetary Policy Committee of the Bank of Thailand, despite leaving the one-day repurchase rate unchanged at 1.50%, where it has been for over three years.
Malaysia: BNM leaves policy rate unchanged in November
November 8, 2018
At its 8 November meeting, the Monetary Policy Committee of Bank Negara Malaysia stood pat and left the overnight policy rate unchanged at 3.25%, where it has been since January.
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