The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.7% in May, compared with -1.9% in April. The annual growth rate of marketable instruments (M3-M2) was -5.1% in May, compared with -1.2% in April. Within M3, the annual growth rate of deposits placed by households stood at 4.2% in May, compared with 4.1% in April.
M3 Money Supply increased to 4.0%
The annual growth rate of the broad monetary aggregate M3 increased to 4.0% in May 2018 from 3.8% in April, averaging 3.9% in the three months up to May. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 7.5% in May from 7.0% in April.
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