The Czech National Bank has published its commentary on March 2026 monetary indicators, showing that annual growth in the broad monetary aggregate M3 slowed modestly to 5.2%, down 0.3 percentage point from the previous month. M3 fell by CZK 13.5 billion month on month as a result of financial transactions, although it was up CZK 366.0 billion year on year, taking the total stock to CZK 7,442.6 billion. Annual growth in loans to the private sector, the main counterpart to M3, also eased slightly by 0.1 percentage point to 8.9%, while the stock of those loans rose by CZK 38.4 billion on the month to CZK 4,590.0 billion. Within M3, the contribution from currency in circulation increased to 0.3 percentage point and overnight deposits rose to 4.9 percentage points, while short-term deposits made a larger negative contribution at -0.6 percentage point and marketable instruments decreased to 0.6 percentage point. In lending, annual growth in loans to non-financial corporations fell by 0.7 percentage point to 7.5%, whereas household loan growth increased by 0.4 percentage point to 9.6% and has been rising slightly since May 2024.
Czech National Bank 2026-04-30
Czech National Bank reports March 2026 M3 growth eased to 5.2% while private sector loan growth edged down to 8.9%
The Czech National Bank reported that annual growth in the broad monetary aggregate M3 slowed in March 2026 to 5.2%, with the stock at CZK 7,442.6 billion, while annual growth in loans to the private sector eased to 8.9% and the loan stock reached CZK 4,590.0 billion. Within M3, currency in circulation and overnight deposits contributed more, while short-term deposits and marketable instruments weighed on growth. Annual loan growth to non-financial corporations declined to 7.5%, whereas household loan growth rose to 9.6% and has been edging up since May 2024.