Commentary on monetary developments statistics

April 2026

Commentary on the main indicators

Compared to the previous month, the annual rate of growth of M3 recorded a moderate increase in April 2026 and reached 6.1%, representing a month-on-month rise of 0.9 percentage point. As a result of financial transactions, M3 also increased month on month, by CZK 89.3 billion (an increase of CZK 432.3 billion year on year), amounting to CZK 7,525.6 billion.

Individual components of the annual rate of growth of M3 showed mixed developments in April. The contribution of currency in circulation remained flat (0.3 percentage point in both March and April); the contribution of overnight deposits increased slightly (from 4.9 percentage points in March to 5.1 percentage points in April). The contribution of short-term deposits saw the largest increase (from −0.6 percentage point in March to 0.3 percentage point in April) and turned positive. By contrast, the contribution of marketable instruments decreased slightly, from 0.6 percentage point in March to 0.4 percentage point in April.

Chart 1 – Contributions to annual M3 growth (%)
Contributions to annual M3 growth (%)

Source: ARAD data series system

The annual growth rate of loans to the private sector, which are the most important counterpart of M3, increased by 0.5 percentage point to 9.4% in April compared with the previous month. As a result of financial transactions, the volume of these loans rose by CZK 56.3 billion month on month (an increase of CZK 398.9 billion year on year), with the total amounting to CZK 4,639.7 billion. The annual growth rate of loans to non-financial corporations, a major component of this indicator, also increased, by 0.6 percentage point month on month to 8.1%. The second key component consists of loans to households, whose year-on-year growth rate has been rising slightly since May 2024; in April it increased compared with March by 0.3 percentage point to 9.9% (for comparison, it was 4.1% in April 2024).

Chart 2 – Contributions to annual growth in loans to private sector (%)
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.
  • The private sector comprises all resident institutional sectors except general government (S.13) and monetary financial institutions (S.121, S.122 and S.123 under ESA 2010).