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- Eurozone’s M3 money supply up 5.6 percent y-o-y in October
Eurozone’s M3 money supply up 5.6 percent y-o-y in October
The ECB’s
report on the monetary developments in the euro area revealed that the annual
growth rate of broad monetary aggregate M3 accelerated to 5.6 percent in October
from unrevised 5.5 percent in September. Economists had forecast the M3 annual
growth rate to stay at 5.5 percent in October.
Among the components
of M3, the annual growth rate of narrower monetary aggregate M1, comprising
currency in circulation and overnight deposits, climbed to 8.4 percent in
October from 7.9 percent in the previous month. In the meantime, the annual
growth rate of short-term deposits other than overnight deposits (M2-M1) dropped
to 0.6 percent in October from 1.2 percent in the previous month, and the annual
growth rate of marketable instruments (M3-M2) was -2.4 percent, down from -1.1
percent in September.
The report also
revealed that the annual growth rate of adjusted loans to households increased to
3.5 percent in October from 3.4 percent September, matching economists’
forecast, while the annual growth rate of adjusted loans to non-financial
corporations accelerated to 3.8 percent from 3.6 percent in the previous month.
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