The Central Bank of Poland published January 2026 monetary data showing that the M3 money supply fell by PLN 22.7 billion from the end of December 2025 to PLN 2,715.0 billion. The decline was mainly driven by a reduction in deposits and other claims of non-financial corporations. The bank also noted that methodological changes introduced from the January 2026 data have affected some reported values. Within M3, deposits and other claims of non-financial corporations fell by PLN 26.8 billion, or 4.5%, to PLN 572.0 billion, while the social security funds sector declined by PLN 5.6 billion, or 34.9%, to PLN 10.4 billion. These moves were partly offset by an increase in local government deposits and other claims of PLN 5.9 billion, or 5.9%, to PLN 104.7 billion, and a PLN 2.4 billion, or 0.2%, rise in household holdings to PLN 1,439.3 billion. On the lending side, non-financial corporate debt rose by PLN 7.1 billion to PLN 468.7 billion and household debt increased by PLN 3.1 billion to PLN 833.7 billion, while the net debt of central government entities fell by PLN 18.9 billion to PLN 599.7 billion.
Central Bank of Poland2026-02-23
Central Bank of Poland reports PLN 22.7 billion drop in January M3, driven by lower corporate deposits
The Central Bank of Poland said M3 money supply fell by PLN 22.7 billion in January 2026 to PLN 2,715.0 billion, mainly because deposits and other claims of non-financial corporations declined. Corporate deposits fell 4.5% and social security funds also dropped, while household and local government holdings increased modestly. The bank added that methodological changes from the January 2026 data affect some reported values.