Commentary on monetary developments statistics

February 2025

Commentary on the main indicators

Compared to the previous month, the annual rate of growth of M3 recorded a slight decline in February 2025 and reached 4.0%, representing a month-on-month decrease of 0.2 percentage points. However, as a result of financial transactions, M3 increased month on month in February, up by CZK 84.6 billion (an increase of CZK 271.3 billion year on year), amounting to CZK 7,092.5 billion.

Chart 1 – Contributions to annual M3 growth (%)

Source: ARAD data series system

The annual rate of growth of loans to the private sector, which are the most important counterpart of M3, increased by 0.5 percentage point to 6.0% in February compared with the previous month. The annual growth rate of loans to non-financial corporations, a major component of this indicator, saw a month-on-month increase of 0.7 percentage point to 4.6% in February. The annual growth rate of loans to households, another major component, increased slightly for the tenth consecutive month (4.1% in April 2024). It rose by 0.1 percentage point to 6.3% in February 2025.

Chart 2 – Contributions to annual growth in loans to private sector (%)

Source: ARAD data series system

Note:

Monetary aggregates comprise the monetary liabilities of monetary financial institutions to non-MFI Czech residents except central government. The narrow monetary aggregate M1 includes currency in circulation (excluding cash at banks’ cash desks) and overnight deposits. The intermediate monetary aggregate M2 comprises M1, deposits redeemable at notice of up to three months and deposits with a maturity of up to two years. The broad monetary aggregate M3 comprises M2, money market fund shares/units, debt securities with a maturity of up to two years and repurchase agreements.

Name	Domain	Expiration	Description
cc_cookie	cnb.cz	1 year	Used to establish a session with the cookie bar after our website is loaded for the first time, including the management of your settings regarding consent to the use of cookies on our website.
YSC	youtube.com	Valid during the session, i.e. during the time you are viewing our website.	Used to remember your access and integrate your YouTube actions.
PREF	youtube.com	2 years	Used by YouTube for storing your preferences and other unspecified purposes.
JSESSIONID	cnb.cz	Valid during the session, i.e. during the time you are viewing our website.	We use it to maintain an anonymous user session on the part of the server.

Name	Domain	Expiration	Description
_ga	cnb.cz	2 years	Helps us understand how you use our website. Used to distinguish between individual users.
_gat	cnb.cz	1 minute	Helps us understand how you use our website. Used to limit the speed and frequency of requests.
_gid	cnb.cz	24 hours	Helps us understand how you use our website. Used to distinguish between individual users.
_utma	google.com	2 years	Helps us understand how you use our website. Used to distinguish between users and sessions. The cookie file is created upon the launch of a javascript library if no _utma cookie files currently exist. The cookie file is updated every time data are sent to Google Analytics.

Name	Domain	Expiration	Description
1P_JAR	google.com	1 month	Sets a unique ID for storing your preferences and other information such as website statistics and tracking conversion rates.
OGPC	google.com	1 month	Used to manage your preferences in Google. The cookie file saves your preferences and user information every time you visit a website containing Google Maps.
NID	google.com	6 months	Used to manage your preferences in Google. The cookie file contains a unique ID used by Google to remember your settings and other information, e.g. your preferred language and how many search results per page you want to view.
VISITOR_INFO1_LIVE	youtube.com	6 months	Used to manage your preferences on YouTube. The cookie file contains a unique ID used by YouTube to remember your settings and other information, e.g. your preferred language and how many search results per page you want to view. In addition, it helps detect and remove problems with the service.
CONSENT	youtube.com	20 years	Used by YouTube to store your consent to the use of third-party content.
cc_youtube	cnb.cz	1 year	Used to manage your preferences regarding consent to the use of cookies related to viewing YouTube video content on our website.