27/04/2016 Press Release
• The annual growth rate of the broad monetary aggregate M3 stood at 5.0% in March 2016, after 4.9% in February 2016 (revised from 5.0%).
• The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, stood at 10.1% in March, after 10.2% in February.
• The annual growth rate of loans to households stood at 1.6% in March, unchanged from the previous period.
• The annual growth rate of loans to non-financial corporations stood at 1.1% in March, after 1.0% in February.
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 stood at 5.0% in March 2016, after 4.9% in February, averaging 5.0% in the three months up to March. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate including currency in circulation and overnight deposits (M1) stood at 10.1% in March, compared with 10.2% in February. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at -2.5% in March, compared with -2.6% in February.
The annual growth rate of marketable instruments (M3-M2) was less negative at -1.0% in March, from -1.9% in February. Within M3, the annual growth rate of deposits placed by households increased to 4.3% in March, from 4.0% in February, while the annual growth rate of deposits placed by non-financial corporations increased to 7.4% in March, from 6.4% in February. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 4.0% in March, from 6.8% in February.
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