- Annual growth rate of broad聽聽increased to 7.9% in August 2021 from 7.6% in July
- Annual growth rate of narrower聽, comprising currency in circulation and overnight deposits, stood at 11.1% in August, compared with 11.0% in July
- Annual growth rate of聽聽stood at 4.2% in August, unchanged from previous month
- Annual growth rate of聽聽decreased to 1.5% in August from 1.7% in July
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 7.9% in August 2021 from 7.6% in July, averaging 7.9% in the three months up to August. The聽聽showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, stood at 11.1% in August, compared with 11.0% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.5% in August, compared with -1.8% in July. The annual growth rate of marketable instruments (M3-M2) increased to 9.9% in August from 7.9% in July.
Looking at the聽, the narrower aggregate M1 contributed 7.8 percentage points (up from 7.7 percentage points in July), short-term deposits other than overnight deposits (M2-M1) contributed -0.4 percentage point (up from -0.5 percentage point) and marketable instruments (M3-M2) contributed 0.5 percentage point (up from 0.4 percentage point).
From the perspective of the holding sectors of聽, the annual growth rate of deposits placed by households stood at 7.3% in August, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 7.0% in August from 6.8% in July. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 16.5% in August from 14.9% in July.
Counterparts of the broad monetary aggregate M3
As a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (), the annual growth rate of M3 in August 2021 can be broken down as follows: credit to general government contributed 4.9 percentage points (as in the previous month), credit to the private sector contributed 3.2 percentage points (down from 3.5 percentage points), longer-term financial liabilities contributed 0.4 percentage point (up from 0.3 percentage point), net external assets contributed -0.2 percentage point (down from -0.1 percentage point), and the remaining counterparts of M3 contributed -0.4 percentage point (up from -0.9 percentage point).
Credit to euro area residents
As regards the dynamics of credit, the annual growth rate of total聽聽decreased to 5.7% in August 2021 from 6.0% in the previous month. The annual growth rate of聽聽decreased to 12.1% in August from 12.4% in July, while the annual growth rate of聽聽decreased to 3.1% in August from 3.4% in July.
The annual growth rate of聽聽(i.e. adjusted for loan sales, securitisation and notional cash pooling) stood at 2.9% in August, compared with 3.0% in July. Among the borrowing sectors, the annual growth rate of聽聽stood at 4.2% in August, unchanged from the previous month, while the annual growth rate of聽聽decreased to 1.5% in August from 1.7% in July.
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