Narrow Money (M1) by Country

Why compare Narrow Money (M1) across countries?

M1 growth often leads broader monetary aggregates and can signal shifts in transactions demand for money. Falling M1 growth in an environment of high interest rates often precedes economic slowdowns, which are typically currency-negative through the rate-cut channel.

How to read the country list

Watch year-over-year growth and relative changes vs M2 — when M1 contracts faster than M2 grows, savers are shifting from transaction balances into yielding accounts, a sign of tight monetary policy.