Narrow money (M1) is currency in circulation plus sight deposits held by domestic non-banks.

M1 includes currency such as banknotes and coins, as well as balances which can immediately be converted into currency or used for cashless payments, such as overnight deposits.

Monetary aggregates measure the stock of money in circulation outside the banking system. There are various statistical definitions of the money stock including narrow money (M1), intermediate money (M2) and broad money (M3). The OECD collects data for narrow money (M1) as a means of exchange, and broad money (M3) as a way to store value.

These monetary aggregates are compiled by Central Banks based on surveys of monetary and financial institutions. They measure the amount of money circulating in an economy to satisfy its current monetary needs. These aggregates are usually presented as end-of-month national currency stock series.

This indicator is measured as a seasonally adjusted index based on 2015=100.