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Home / Information about / Monetary policy / Reports on the monetary policy of earlier years
Monetary policy report 1998
Announcement of an unchanged monetary policy
Consideration given to economic activity and the exchange rate
Strong fluctuations in sight deposits
Expansion of the monetary base
Weak growth of the money stock M3
Weak growth of the money stock M3
The money stock M3, which the National Bank had increasingly used as an indicator in the past two years, showed only a slight rise in 1998. This reflected the persistently slow growth of bank loans. In the fourth quarter, M3 exceeded the previous year's level by 0.9%.