Money (annual variation in %)

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.

Looking for forecasts? FocusEconomics Consensus Forecasts cover approx. 30 macro-economic indicators per country for a 5-year forecast period and quarterly forecasts for the most important economic variables. Get Details.

Money Data

2015 2016 2017 2018 2019
Algeria11.73.514.40.5-  
Angola11.814.44.120.430.2
Argentina28.230.426.022.830.9
Armenia5.224.828.913.221.5
Australia13.78.28.92.322.1
Azerbaijan-50.233.00.0-  -  
Bahrain2.91.24.22.411.1
Bangladesh12.416.410.99.29.9
Belarus-0.419.430.220.127.4
Bolivia16.3-3.98.25.4-7.5
Botswana19.95.42.78.38.3
Brazil6.84.85.510.48.7
Bulgaria8.87.67.78.99.9
Canada6.08.55.85.27.8
Chile10.610.14.79.48.2
China13.311.38.18.18.7
Colombia12.56.97.15.08.7
Costa Rica6.12.1-1.0-0.46.2
Croatia11.418.219.120.714.3
Czech Republic8.46.68.65.67.0
Denmark10.37.55.24.16.0
Dominican Republic11.610.010.34.510.4
Egypt18.639.020.913.313.3
El Salvador6.33.410.45.811.3
Estonia11.69.55.810.59.5
Ethiopia21.725.129.822.512.4
Eurozone4.75.04.74.24.9
Georgia-3.814.827.915.9-  
Ghana26.624.619.815.716.0
Guatemala9.56.68.49.49.8
Haiti14.65.510.723.310.8
Honduras7.815.812.87.411.6
Hong Kong5.57.710.04.32.8
Hungary7.59.99.912.59.5
India11.56.721.814.310.3
Indonesia9.010.08.36.36.5
Iran30.023.222.123.1-  
Jamaica13.413.42.89.89.5
Japan3.13.93.62.42.7
Jordan8.14.00.21.24.8
Kazakhstan8.046.27.57.111.0
Kenya14.24.27.48.05.4
Korea8.27.15.16.77.9
Kosovo-  -  -  -  -  
Latvia13.97.45.914.7-  
Lithuania33.17.35.911.410.4
Malaysia3.33.25.18.93.5
Mexico5.16.88.34.77.6
Moldova18.314.310.08.2-  
Mongolia-5.521.030.522.87.0
Morocco7.06.37.95.96.2
New Zealand14.22.1-  -  -  
Nicaragua19.110.513.0-19.73.2
Nigeria5.917.82.312.16.3
North Macedonia7.76.23.811.89.9
Norway0.65.16.05.34.1
Pakistan12.814.513.99.510.8
Panama-1.20.41.24.5-9.4
Paraguay5.88.116.46.16.3
Peru2.011.513.08.99.1
Philippines9.113.311.68.610.9
Poland9.69.74.58.88.7
Portugal4.48.98.08.16.5
Qatar3.4-4.621.3-6.52.5
Romania9.49.811.58.910.9
Russia11.39.210.511.09.7
Saudi Arabia2.50.80.32.77.1
Serbia14.415.17.916.716.6
Singapore1.58.03.23.95.0
Slovakia11.15.26.26.58.9
Slovenia5.07.76.67.47.9
Sri Lanka17.218.917.513.57.6
Sweden8.27.27.26.67.1
Switzerland1.43.94.03.50.1
Taiwan5.83.63.62.74.5
Tajikistan12.256.736.610.0-  
Tanzania13.45.310.43.811.8
Thailand5.74.89.42.85.7
Trinidad and Tobago-1.43.2-2.13.10.1
Tunisia8.48.016.93.66.0
Turkey17.417.615.519.426.6
USA5.86.85.73.95.1
Uganda5.613.515.46.316.2
United Arab Emirates5.53.34.12.57.9
United Kingdom5.93.13.13.83.9
Uruguay-  -  -  -  -  
Venezuela1011591,12163,2574,946
Vietnam16.218.415.012.4-  
Zambia24.90.120.715.412.2

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  • Hungary: MNB stands pat in October

    October 20, 2020

    At its meeting on 20 October, the Monetary Council of the Hungarian National Bank (MNB) decided to keep the base rate unchanged at the all-time low of 0.60%, and it held all other instruments steady. The MNB’s decision to keep the monetary setting unchanged again reflected an attempt to sustain the economic recovery while keeping inflation in check.

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    October 16, 2020

    At its monetary policy meeting on 14-15 October, the board of the Central Bank of Chile unanimously decided to keep the monetary policy rate unchanged at 0.50%, its lowest point since 2009.

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  • Korea: BOK keeps rates at all-time low in October

    October 14, 2020

    At its meeting on 14 October, the Bank of Korea (BOK) kept the base rate at its record low of 0.50%, in line with market expectations. The Bank’s decision to hold came amid weak activity and a deteriorating labor market.

    Read more

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