The annual growth rate of marketable instruments (M3-M2) was -6.6% in January, compared with -4.3% in December. Within M3, the annual growth rate of deposits placed by households stood at 4.1% in January, compared with 4.2% in December, while the annual growth rate of deposits placed by non-financial corporations stood at 8.5% in January, compared with 8.6% in December. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 7.6% in January, from 5.6% in December.
M3 Money Supply unchanged in January
The annual growth rate of the broad monetary aggregate M3 stood at 4.6% in January 2018, unchanged from the previous month, averaging 4.7% in the three months up to January. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), increased to 8.9% in January, from 8.7% in December. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.9% in January, compared with -2.1% in December.
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