The annual growth rate of marketable instruments (M3-M2) was less negative at -0.4% in November, from -0.8% in October. Within M3, the annual growth rate of deposits placed by households decreased to 4.4% in November, from 4.8% in October, and the annual growth rate of deposits placed by non-financial corporations stood at 8.4% in November, compared with 8.3% in October. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 6.4% in November, from 4.2% in October.
M3 Money Supply down to 4.9%
The annual growth rate of the broad monetary aggregate M3 stood at 4.9% in November 2017, after 5.0% in October, averaging 5.0% in the three months up to November. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), decreased to 9.1% in November, from 9.4% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was less negative at -2.5% in November, from -2.7% in October.
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