NBP money supply figures indicate high interest rates limiting borrowing

The National Bank of Poland (NBP) has announced that the money supply increased only 6.8% over the first nine months of this year, compared with a 11.4% increase in the same period last year. This means that as a result of high interest rates Poles are borrowing less than last year and this is not the main source of inflation, says NBP. The growth rate in value of corporate loans reached 13.6% this year, while last year it was 17.7%. At the same time, personal savings have increased, with the value of deposits growing 17.1% in the first nine months of this year, while last year's rate for the first 10 months was only 11.8%. However, Poles are still far more inclined to borrow than to save, as personal loans grew 3.1% in September, while deposits increased only 1.5%. (Gazeta Wyborcza, p. 20, Prawo i Gospodarka, p.9)