- Annual growth rate of broad聽聽decreased to 6.0% in April 2022 from 6.3% in March
- Annual growth rate of narrower聽, comprising currency in circulation and overnight deposits, decreased to 8.2% in April from 8.8% in March
- Annual growth rate of聽聽stood at 4.5% in April, unchanged from previous month
- Annual growth rate of聽聽increased to 5.2% in April from 4.1% in March
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 6.0% in April 2022 from 6.3% in March, averaging 6.2% in the three months up to April. The聽聽showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 8.2% in April from 8.8% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 0.4% in April from -0.3% in March. The annual growth rate of marketable instruments (M3-M2) decreased to -0.4% in April from 0.3% in聽March.
Looking at the聽, the narrower aggregate M1 contributed 5.9 percentage points (down from 6.3 percentage points in March), short-term deposits other than overnight deposits (M2-M1) contributed 0.1 percentage point (up from -0.1 percentage point) and marketable instruments (M3-M2) contributed 0.0 percentage point (as in the previous month).
From the perspective of the holding sectors of聽, the annual growth rate of deposits placed by households decreased to 4.4% in April from 4.6% in March, while the annual growth rate of deposits placed by non-financial corporations stood at 6.9% in April, compared with 6.8% in March. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 12.5% in April from 13.6% in March.
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 April 2022 can be broken down as follows: credit to the private sector contributed 4.7 percentage points (up from 4.2 percentage points in March), credit to general government contributed 3.8 percentage points (down from 4.1 percentage points), longer-term financial liabilities contributed 0.0 percentage point (down from 0.3 percentage point), net external assets contributed -1.6 percentage points (down from -1.1 percentage points), and the remaining counterparts of M3 contributed -1.0 percentage point (up from -1.3 percentage points).
Credit to euro area residents
As regards the dynamics of credit, the annual growth rate of total聽聽increased to 6.2% in April 2022 from 6.0% in the previous month. The annual growth rate of聽聽decreased to 9.3% in April from 10.1% in March, while the annual growth rate of聽聽increased to 4.8% in April from 4.3% in March.
The annual growth rate of聽聽(i.e. adjusted for loan sales, securitisation and notional cash pooling) increased to 5.3% in April from 4.6% in March. Among the borrowing sectors, the annual growth rate of聽聽stood at 4.5% in April, unchanged from the previous month, while the annual growth rate of聽聽increased to 5.2% in April from 4.1% in March.
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