The stock of money in the economy can be measured according to different definitions. The simplest way to measure it is to use the amount of cash and reserves held within the banking system and the cash held by individuals. This definition is also called the “monetary base” and can be broadened by adding more types of money. For instance, bank deposits are usually included in a broader measure of the stock of money in the economy, since they are also used as a means of payment.
The annual variation of the stock of money refers to the increase with respect to the previous year. This will influence the evolution of prices, which will alter consumers’ and businesses’ perceptions of future prices and, consequently, consumption and investment behavior. Most central banks use the policy interest rate to curb growth in the quantity of money available in the economy and thus to influence prices. However, there are some central banks that try to control the quantity of money directly and let the money market determine the interest rates.
This chart displays Money (ann. var. of M2 %) for Middle East & North Africa, Euro Area from 2025 to 2017.
Money (annual variation in %) Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Albania | 6.5 | 2.3 | 3.9 | 7.9 | 13.4 |
| Algeria | 13.6 | 14.5 | 5.9 | 9.0 | 7.4 |
| Angola | -9.3 | -1.4 | 37.8 | 5.0 | 8.4 |
| Argentina | 59.5 | 67.6 | 170.6 | 101.8 | 51.4 |
| Armenia | 12.8 | 13.4 | 22.1 | 19.0 | 22.0 |
| Australia | 9.40 | 6.48 | 4.96 | 5.56 | 7.18 |
| Austria | 4.8 | 3.0 | -0.1 | 3.5 | 2.4 |
| Azerbaijan | 17.6 | 23.8 | 19.6 | 3.6 | 10.2 |
| Bahrain | 4.9 | 3.9 | 5.0 | -5.3 | 3.8 |
| Bangladesh | 13.6 | 9.4 | 10.5 | 7.7 | 7.0 |
| Belarus | 19.8 | 25.0 | 34.7 | 28.6 | 25.1 |
| Belgium | 5.1 | 1.7 | -4.3 | 6.9 | 2.1 |
| Belize | 12.3 | 4.7 | 7.0 | 9.4 | - |
| Bolivia | 6.6 | 4.0 | 10.6 | 16.1 | 17.6 |
| Bosnia-Herz. | 11.6 | 5.5 | 7.7 | 9.3 | 9.7 |
| Botswana | 5.0 | 6.8 | 9.3 | 4.8 | 2.9 |
| Brazil | 8.1 | 18.2 | 15.7 | 12.8 | 11.0 |
| Brunei | 2.7 | 1.3 | 2.7 | 3.6 | - |
| Bulgaria | 11.3 | 17.4 | 9.7 | 8.5 | 6.3 |
| Cambodia | 16.3 | 8.3 | 12.5 | 17.5 | 15.4 |
| Cameroon | 17.1 | 12.3 | 3.2 | 9.8 | 13.8 |
| Canada | 8.7 | 4.1 | 4.4 | 6.1 | - |
| CdI | 18.3 | 9.4 | 3.3 | 13.6 | 23.8 |
| Chile | 7.3 | 5.9 | 2.7 | 6.1 | 2.9 |
| China | 9.0 | 11.8 | 9.7 | 7.3 | 8.5 |
| Colombia | 11.8 | 12.1 | 7.2 | 8.7 | 11.0 |
| Costa Rica | 2.2 | -5.0 | 16.4 | 16.2 | - |
| Croatia | 13.0 | 10.1 | 21.8 | 4.2 | 6.6 |
| Cyprus | 7.3 | 3.9 | 0.2 | 6.5 | - |
| Czech Republic | 7.0 | 5.0 | 8.6 | 7.7 | 3.2 |
| Denmark | 0.6 | 9.4 | 2.2 | 4.0 | 3.5 |
| Dominican Republic | 15.3 | 7.0 | 17.1 | 10.5 | 9.6 |
| DR Congo | 46.5 | -3.4 | 40.4 | 28.0 | - |
| Ecuador | 9.8 | 7.5 | 6.7 | 10.1 | 13.4 |
| Egypt | 18.3 | 27.1 | 19.9 | 31.1 | 20.6 |
| El Salvador | 2.5 | 4.9 | 6.4 | 3.6 | 15.7 |
| Estonia | 20.2 | 1.1 | 5.6 | 7.4 | 4.6 |
| Ethiopia | 23.9 | 33.3 | 18.7 | 20.8 | - |
| Euro Area | 7.1 | 3.6 | -0.8 | 3.2 | 3.0 |
| Finland | 6.3 | 1.2 | -18.1 | -0.8 | 2.8 |
| France | 8.5 | 4.2 | -0.2 | 0.5 | 1.1 |
| Georgia | 17.9 | 22.7 | 27.6 | 10.1 | 25.5 |
| Germany | 5.6 | 4.9 | -0.7 | 3.8 | 3.4 |
| Ghana | 11.9 | 27.8 | 37.2 | 33.7 | 26.9 |
| Greece | 10.0 | 3.9 | 1.7 | 3.6 | - |
| Guatemala | 9.9 | 11.2 | 8.2 | 8.3 | 15.1 |
| Haiti | 35.5 | 31.5 | -9.6 | - | - |
| Honduras | 11.4 | 13.6 | 12.9 | 9.4 | - |
| Hong Kong | 4.3 | 1.6 | 4.0 | 7.3 | 11.6 |
| Hungary | 16.0 | 5.9 | -1.0 | 7.8 | 5.1 |
| Iceland | 16.4 | 7.5 | 6.6 | 12.9 | 5.0 |
| India | 10.7 | 6.9 | 7.0 | 8.1 | - |
| Indonesia | 14.0 | 8.4 | 3.5 | 4.8 | 9.6 |
| Iran | 41.4 | 33.4 | 27.0 | 28.1 | 37.0 |
| Iraq | 16.7 | 20.3 | 7.5 | -3.8 | 5.1 |
| Ireland | 8.2 | 3.4 | 1.4 | 7.4 | - |
| Israel | 19.9 | 12.7 | -5.5 | 6.5 | 4.1 |
| Italy | 7.1 | -0.3 | -2.9 | 2.0 | - |
| Jamaica | 13.5 | 8.5 | 11.9 | 8.2 | - |
| Japan | 3.7 | 2.9 | 2.3 | 1.3 | 1.7 |
| Jordan | 6.7 | 5.5 | 2.4 | 6.1 | 2.8 |
| Kazakhstan | 24.1 | 18.0 | 16.8 | 19.9 | 10.4 |
| Kenya | 5.6 | 5.4 | 9.3 | 7.1 | 10.7 |
| Korea | 12.9 | 4.0 | 3.9 | 6.6 | - |
| Kosovo | -5.5 | 8.8 | 14.5 | -8.4 | 5.4 |
| Kuwait | -7.4 | 6.5 | 1.0 | 4.3 | 3.6 |
| Kyrgyzstan | 15.6 | 32.5 | 11.4 | 31.0 | 97.1 |
| Laos | 24.0 | 36.9 | 33.3 | 17.8 | 19.1 |
| Latvia | 7.9 | 6.4 | 2.3 | 6.6 | 6.9 |
| Lebanon | 17.0 | 47.6 | -13.5 | 30.0 | 14.5 |
| Lithuania | 13.5 | 12.5 | 0.3 | 11.8 | 7.1 |
| Luxembourg | 17.4 | 2.5 | -7.1 | 7.1 | 4.1 |
| Malaysia | 6.3 | 4.3 | 5.9 | 3.7 | 4.2 |
| Malta | 10.6 | 5.3 | 3.1 | 6.0 | 6.1 |
| Mexico | 10.0 | 9.7 | 9.1 | 14.0 | 6.8 |
| Moldova | 9.5 | 9.6 | 20.9 | 14.7 | - |
| Mongolia | 13.8 | 6.5 | 24.2 | 15.5 | 10.6 |
| Morocco | 6.1 | 9.1 | 6.8 | 8.2 | 10.9 |
| Myanmar | 6.0 | 2.6 | 14.0 | 19.2 | 35.2 |
| Netherlands | 9.1 | 6.3 | -1.6 | 1.5 | 3.5 |
| New Zealand | 7.1 | 1.8 | 3.6 | 4.1 | 4.1 |
| Nicaragua | 11.9 | 6.6 | 5.7 | 10.7 | 18.1 |
| Nigeria | 17.5 | 16.5 | 52.3 | 43.8 | 9.8 |
| North Macedonia | 10.3 | 6.4 | 6.1 | 8.0 | 11.2 |
| Norway | 10.4 | 5.6 | 0.3 | 3.4 | 7.2 |
| Oman | 4.6 | 0.6 | 13.1 | 8.1 | 3.9 |
| Pakistan | 14.5 | 9.7 | 19.7 | 10.2 | 18.8 |
| Panama | -16.8 | 0.2 | 3.9 | 9.5 | - |
| Paraguay | 8.2 | 3.2 | 9.5 | 12.0 | 11.6 |
| Peru | -4.0 | 0.4 | 2.6 | 13.8 | - |
| Philippines | 8.9 | 7.8 | 6.5 | 8.2 | 7.1 |
| Poland | 8.8 | 5.3 | 8.7 | 9.3 | 10.4 |
| Portugal | 11.8 | 7.8 | -2.3 | 6.7 | 5.8 |
| Qatar | 1.4 | 17.4 | 1.1 | -0.6 | 3.5 |
| Romania | 15.8 | 6.8 | 10.5 | 11.3 | 7.2 |
| Russia | 13.0 | 24.4 | 19.4 | 19.2 | 10.6 |
| Rwanda | 13.8 | 21.7 | 15.3 | 17.9 | -2.4 |
| Saudi Arabia | 4.9 | 6.0 | 9.4 | 9.7 | 8.7 |
| Senegal | 14.5 | 22.5 | 9.6 | 3.9 | 13.3 |
| Serbia | 13.8 | 6.1 | 21.6 | 17.7 | 7.0 |
| Singapore | 2.4 | 1.8 | 4.7 | 6.0 | 6.2 |
| Slovakia | 7.6 | 1.9 | 3.6 | 5.3 | 5.5 |
| Slovenia | 8.8 | 8.4 | 5.4 | 0.9 | 8.1 |
| South Africa | 5.1 | 6.5 | 8.0 | 6.1 | 8.1 |
| Spain | 6.0 | 3.6 | 0.0 | 5.0 | 5.1 |
| Sri Lanka | 13.5 | 8.9 | 9.4 | 10.2 | - |
| Sudan | 153.2 | 49.4 | 54.1 | 90.6 | - |
| Sweden | 11.7 | 2.2 | -0.5 | 1.2 | 2.9 |
| Switzerland | 1.5 | -3.1 | -12.5 | 4.7 | 13.6 |
| Taiwan | 7.3 | 6.7 | 5.6 | 5.4 | 5.2 |
| Tajikistan | 12.3 | 43.4 | -4.3 | 31.7 | 26.7 |
| Tanzania | 17.6 | 12.1 | 11.9 | 9.2 | 28.5 |
| Thailand | 4.8 | 3.9 | 1.9 | 3.4 | 4.4 |
| Trinidad and Tobago | -0.1 | 2.1 | 2.4 | -0.7 | - |
| Tunisia | 9.3 | 8.2 | 9.7 | 10.6 | 10.1 |
| Turkey | 52.2 | 62.3 | 65.8 | 27.0 | 40.6 |
| UAE | 5.7 | 9.0 | 18.7 | 14.5 | 11.7 |
| Uganda | 5.8 | 8.3 | 12.8 | 7.0 | 17.4 |
| Ukraine | 12.0 | 20.8 | 23.0 | 13.4 | - |
| United Kingdom | 5.2 | 2.7 | -0.4 | 2.3 | 3.4 |
| United States | 16.1 | 5.1 | -3.5 | 1.3 | 4.1 |
| Uruguay | 16.2 | 7.2 | 11.3 | 13.3 | 8.3 |
| Uzbekistan | 29.7 | 30.2 | 12.2 | 30.6 | 36.6 |
| Venezuela | 635 | 354 | 268 | 152 | 235 |
| Vietnam | 9.7 | 5.7 | 9.0 | 9.1 | 10.5 |
| Zambia | 6.7 | 21.0 | 22.6 | 19.4 | 23.3 |
| Zimbabwe | 131.7 | 392.7 | 712.0 | 1,057.9 | - |