Money Supply Update (9 Feb-17)

The y/y growth rate of the money supply (TMSS, black line below) slowed down again this week to levels last seen around July last year. 

The money supply excluding savings deposits (TMSS-S, the blue line) has also fallen sharply in recent months, though from a significantly higher growth rate. 

Seemingly, declining bank credit growth is starting to affect the money supply growth rate.

Y/Y percentage change last 20 weeks. TMSS = the short version of the True Money Supply which excludes the last three components of the True Money Supply, TMSS-S = TMSS minus savings deposits):

	TMSS	TMSS-S
2016-09-21	10,0	13,6
2016-09-28	9,9	13,6
2016-10-05	10,6	22,9
2016-10-12	11,3	21,6
2016-10-19	11,8	20,1
2016-10-26	11,7	20,2
2016-11-02	11,0	21,0
2016-11-09	10,2	17,4
2016-11-16	10,2	17,1
2016-11-23	10,5	15,5
2016-11-30	9,5	13,7
2016-12-07	9,2	16,3
2016-12-14	8,7	11,2
2016-12-21	8,6	8,6
2016-12-28	8,4	8,3
2017-01-04	8,3	8,6
2017-01-11	8,7	11,7
2017-01-18	9,0	11,1
2017-01-25	8,6	9,1
2017-02-01	7,6	10,2

Update 10 Feb-17: What components are driving the money supply y/y growth rate?