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- M3 money supply growth slowed sharply in July.
M3 money supply growth slowed sharply in July.
According to the report from the European Central Bank, the annual growth rate of the broad monetary aggregate M3 decreased to 7.6% in July 2021 from 8.3% in June, averaging 8.1% in the three months up to July. 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, decreased to 11.0% in July from 11.8% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.8% in July, compared with -1.4% in June. The annual growth rate of marketable instruments (M3-M2) decreased to 7.7% in July from 8.6% in June.
Looking at the components' contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 7.7 percentage points (down from 8.2 percentage points in June), short-term deposits other than overnight deposits (M2-M1) contributed -0.5 percentage point (down from -0.3 percentage point) and marketable instruments (M3-M2) contributed 0.4 percentage point (as in the previous month).
Annual growth rate of adjusted loans to households increased to 4.2% in July from 4.0% in June
Annual growth rate of adjusted loans to non-financial corporations stood at 1.7% in July, compared with 1.8% in June
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