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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At its 9 August monetary policy meeting, the Central Bank of Peru (BCRP) decided to keep the policy interest rate unchanged at an eight-year low of 2.75%, matching market expectations.
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At its 9 August monetary policy meeting, the Executive Board of the National Bank of Serbia (NBS) voted to keep the key policy rate on hold at 3.0%, a decision that met market expectations. The NBS considered its decision appropriate in the context of increasing inflationary pressures, as the Bank aims to anchor inflation in its target range of 1.5%–4.5%.
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