Monetary Survey and Balance Sheet of other MFIs, February 2014

Over February 2014 the M3 broad monetary aggregate increased by LTL 146.3 million, while its annual growth rate was 4.1 per cent at the end of the month. The major impact on the increase in M3 stemmed from an increase in overnight deposits (LTL 446.2 million), debt securities with a maturity of up to 2 years (LTL 30.4 million) and deposits redeemable at notice of up to 3 months (LTL 2.4 million), while M3 was reduced by a decrease in deposits with an agreed maturity of up to 2 years (LTL 172.7 million) and currency in circulation (LTL 160.0 million). The net external assets of monetary financial institutions (MFIs) went down by LTL 570.6 million over the month and amounted to LTL 11.1 billion. Domestic credit contracted by LTL 81.2 million over the month as a result of a decline in credit to general government by LTL 285.8 million and an increase in credit to other residents by LTL 204.6 million. The share of other MFIs’ lending to households in euro was declining steadily — from 73.2 per cent (at the end of December 2011) to 69.2 per cent (at the end of February 2014), with the respective increase in the share of lending in litas.