- Annual growth rate of broad聽聽decreased to 2.9% in February 2023 from 3.5% in January
- Annual growth rate of narrower聽, comprising currency in circulation and overnight deposits, was -2.7% in February, compared with -0.8% in January
- Annual growth rate of聽聽decreased to 3.2% in February from 3.6% in January
- Annual growth rate of聽聽decreased to 5.7% in February from 6.1% in January
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 2.9% in February 2023 from 3.5% in January, averaging 3.5% in the three months up to February. The聽聽showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -2.7% in February, compared with -0.8% in January. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 17.5% in February from 15.2% in January. The annual growth rate of marketable instruments (M3-M2) increased to 21.3% in February from 13.7% in January.
Looking at the聽, the narrower aggregate M1 contributed -2.0 percentage points (down from -0.6 percentage points in January), short-term deposits other than overnight deposits (M2-M1) contributed 3.9 percentage points (up from 3.4 percentage points) and marketable instruments (M3-M2) contributed 1.0 percentage points (up from 0.6 percentage points).
From the perspective of the holding sectors of聽, the annual growth rate of deposits placed by households decreased to 2.6% in February from 3.3% in January, while the annual growth rate of deposits placed by non-financial corporations decreased to 2.6% in February from 3.2% in January. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) was -5.0% in February, compared with -0.4% in January.
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 February 2023 can be broken down as follows: credit to the private sector contributed 3.2 percentage points (down from 3.6 percentage points in January), credit to general government contributed 0.3 percentage points (down from 0.6 percentage points), net external assets contributed -0.2 percentage points (up from -0.4 percentage points), longer-term financial liabilities contributed -0.9 percentage points (down from -0.6 percentage points), and the remaining counterparts of M3 contributed 0.5 percentage points (up from 0.3 percentage points).
Credit to euro area residents
As regards the dynamics of credit, the annual growth rate of total聽聽decreased to 2.6% in February 2023 from 3.1% in the previous month. The annual growth rate of聽聽decreased to 0.7% in February from 1.4% in January, while the annual growth rate of聽聽decreased to 3.3% in February from 3.8% in January.
The annual growth rate of聽聽(i.e. adjusted for loan sales, securitisation and notional cash pooling) decreased to 4.3% in February from 4.9% in January. Among the borrowing sectors, the annual growth rate of聽聽decreased to 3.2% in February from 3.6% in January, while the annual growth rate of聽聽decreased to 5.7% in February from 6.1% in January.
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