
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
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Algeria | 11.7 | 3.5 | 14.4 | 0.5 | - |
Angola | 11.8 | 14.4 | 4.1 | 20.4 | 30.2 |
Argentina | 28.2 | 30.4 | 26.0 | 22.8 | 30.9 |
Armenia | 5.2 | 24.8 | 28.9 | 13.2 | 21.5 |
Australia | 13.7 | 8.2 | 8.9 | 2.3 | 22.1 |
Azerbaijan | -50.2 | 33.0 | 0.0 | - | - |
Bahrain | 2.9 | 1.2 | 4.2 | 2.4 | 11.1 |
Bangladesh | 12.4 | 16.4 | 10.9 | 9.2 | 9.9 |
Belarus | -0.4 | 19.4 | 30.2 | 20.1 | 27.4 |
Bolivia | 16.3 | -3.9 | 8.2 | 5.4 | -7.5 |
Botswana | 19.9 | 5.4 | 2.7 | 8.3 | 8.3 |
Brazil | 6.8 | 4.8 | 5.5 | 10.4 | 8.7 |
Bulgaria | 8.8 | 7.6 | 7.7 | 8.9 | 9.9 |
Canada | 6.0 | 8.5 | 5.8 | 5.2 | 7.8 |
Chile | 10.6 | 10.1 | 4.7 | 9.4 | 8.2 |
China | 13.3 | 11.3 | 8.1 | 8.1 | 8.7 |
Colombia | 12.5 | 6.9 | 7.1 | 5.0 | 8.7 |
Costa Rica | 6.1 | 2.1 | -1.0 | -0.4 | 6.2 |
Croatia | 11.4 | 18.2 | 19.1 | 20.7 | 14.3 |
Czech Republic | 8.4 | 6.6 | 8.6 | 5.6 | 7.0 |
Denmark | 10.3 | 7.5 | 5.2 | 4.1 | 6.0 |
Dominican Republic | 11.6 | 10.0 | 10.3 | 4.5 | 10.4 |
Egypt | 18.6 | 39.0 | 20.9 | 13.3 | 13.3 |
El Salvador | 6.3 | 3.4 | 10.4 | 5.8 | 11.3 |
Estonia | 11.6 | 9.5 | 5.8 | 10.5 | 9.5 |
Ethiopia | 21.7 | 25.1 | 29.8 | 22.5 | 12.4 |
Eurozone | 4.7 | 5.0 | 4.7 | 4.2 | 4.9 |
Georgia | -3.8 | 14.8 | 27.9 | 15.9 | - |
Ghana | 26.6 | 24.6 | 19.8 | 15.7 | 16.0 |
Guatemala | 9.5 | 6.6 | 8.4 | 9.4 | 9.8 |
Haiti | 14.6 | 5.5 | 10.7 | 23.3 | 10.8 |
Honduras | 7.8 | 15.8 | 12.8 | 7.4 | 11.6 |
Hong Kong | 5.5 | 7.7 | 10.0 | 4.3 | 2.8 |
Hungary | 7.5 | 9.9 | 9.9 | 12.5 | 9.5 |
India | 11.5 | 6.7 | 21.8 | 14.3 | 10.3 |
Indonesia | 9.0 | 10.0 | 8.3 | 6.3 | 6.5 |
Iran | 30.0 | 23.2 | 22.1 | 23.1 | - |
Jamaica | 13.4 | 13.4 | 2.8 | 9.8 | 9.5 |
Japan | 3.1 | 3.9 | 3.6 | 2.4 | 2.7 |
Jordan | 8.1 | 4.0 | 0.2 | 1.2 | 4.8 |
Kazakhstan | 8.0 | 46.2 | 7.5 | 7.1 | 11.0 |
Kenya | 14.2 | 4.2 | 7.4 | 8.0 | 5.4 |
Korea | 8.2 | 7.1 | 5.1 | 6.7 | 7.9 |
Kosovo | - | - | - | - | - |
Latvia | 13.9 | 7.4 | 5.9 | 14.7 | - |
Lithuania | 33.1 | 7.3 | 5.9 | 11.4 | 10.4 |
Malaysia | 3.3 | 3.2 | 5.1 | 8.9 | 3.5 |
Mexico | 5.1 | 6.8 | 8.3 | 4.7 | 7.6 |
Moldova | 18.3 | 14.3 | 10.0 | 8.2 | - |
Mongolia | -5.5 | 21.0 | 30.5 | 22.8 | 7.0 |
Morocco | 7.0 | 6.3 | 7.9 | 5.9 | 6.2 |
New Zealand | 14.2 | 2.1 | - | - | - |
Nicaragua | 19.1 | 10.5 | 13.0 | -19.7 | 3.2 |
Nigeria | 5.9 | 17.8 | 2.3 | 12.1 | 6.3 |
North Macedonia | 7.7 | 6.2 | 3.8 | 11.8 | 9.9 |
Norway | 0.6 | 5.1 | 6.0 | 5.3 | 4.1 |
Pakistan | 12.8 | 14.5 | 13.9 | 9.5 | 10.8 |
Panama | -1.2 | 0.4 | 1.2 | 4.5 | -9.4 |
Paraguay | 5.8 | 8.1 | 16.4 | 6.1 | 6.3 |
Peru | 2.0 | 11.5 | 13.0 | 8.9 | 9.1 |
Philippines | 9.1 | 13.3 | 11.6 | 8.6 | 10.9 |
Poland | 9.6 | 9.7 | 4.5 | 8.8 | 8.7 |
Portugal | 4.4 | 8.9 | 8.0 | 8.1 | 6.5 |
Qatar | 3.4 | -4.6 | 21.3 | -6.5 | 2.5 |
Romania | 9.4 | 9.8 | 11.5 | 8.9 | 10.9 |
Russia | 11.3 | 9.2 | 10.5 | 11.0 | 9.7 |
Saudi Arabia | 2.5 | 0.8 | 0.3 | 2.7 | 7.1 |
Serbia | 14.4 | 15.1 | 7.9 | 16.7 | 16.6 |
Singapore | 1.5 | 8.0 | 3.2 | 3.9 | 5.0 |
Slovakia | 11.1 | 5.2 | 6.2 | 6.5 | 8.9 |
Slovenia | 5.0 | 7.7 | 6.6 | 7.4 | 7.9 |
Sri Lanka | 17.2 | 18.9 | 17.5 | 13.5 | 7.6 |
Sweden | 8.2 | 7.2 | 7.2 | 6.6 | 7.1 |
Switzerland | 1.4 | 3.9 | 4.0 | 3.5 | 0.1 |
Taiwan | 5.8 | 3.6 | 3.6 | 2.7 | 4.5 |
Tajikistan | 12.2 | 56.7 | 36.6 | 10.0 | - |
Tanzania | 13.4 | 5.3 | 10.4 | 3.8 | 11.8 |
Thailand | 5.7 | 4.8 | 9.4 | 2.8 | 5.7 |
Trinidad and Tobago | -1.4 | 3.2 | -2.1 | 3.1 | 0.1 |
Tunisia | 8.4 | 8.0 | 16.9 | 3.6 | 6.0 |
Turkey | 17.4 | 17.6 | 15.5 | 19.4 | 26.6 |
USA | 5.8 | 6.8 | 5.7 | 3.9 | 5.1 |
Uganda | 5.6 | 13.5 | 15.4 | 6.3 | 16.2 |
United Arab Emirates | 5.5 | 3.3 | 4.1 | 2.5 | 7.9 |
United Kingdom | 5.9 | 3.1 | 3.1 | 3.8 | 3.9 |
Uruguay | - | - | - | - | - |
Venezuela | 101 | 159 | 1,121 | 63,257 | 4,946 |
Vietnam | 16.2 | 18.4 | 15.0 | 12.4 | - |
Zambia | 24.9 | 0.1 | 20.7 | 15.4 | 12.2 |
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Money Economic News
-
Peru: Central Bank keeps rates unchanged in January
January 14, 2021
At its first meeting of the year on 14 January, the Central Bank of Peru maintained its key policy interest rate at the record low of 0.25% for the ninth meeting in a row.
-
Israel: Bank of Israel leaves policy unchanged in January
January 4, 2021
At its 4 January meeting, the Bank of Israel (BoI) left the policy rate at 0.10%.
-
Dominican Republic: Central Bank keeps rates steady in December
December 30, 2020
At its end-December meeting, the Central Bank (BCRD) kept the policy rate at 3.00% for the fourth month running, following sizable easing earlier in the year. The decision not to cut further was likely influenced by improving domestic dynamics, with the decline in economic activity continuing to moderate through November.
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