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 | - | - | - | - | - |
| 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
Sweden: Riksbank keeps rates steady in February, continues to signal hike in H2
February 13, 2019
At its 12 February monetary policy meeting, the Riksbank left the repo rate unchanged at minus 0.25%, as markets had expected. The Riksbank’s decision came after a rate hike in the previous meeting in December last year.
New Zealand: RBNZ leaves OCR unchanged in February
February 13, 2019
At its first meeting of the year, held on 13 February, the Reserve Bank of New Zealand (RBNZ) left the official cash rate (OCR) unchanged at a record-low of 1.75%, where it has been since November 2016.
Peru: Central Bank stands pat at February meeting
February 8, 2019
At its monetary policy meeting on 8 February, the Central Bank of Peru (BCRP) kept the policy interest rate unchanged at an eight-year low of 2.75%, matching market expectations.
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