FXstreet.com (Barcelona) - M3 rose by 12.3% in October on yearly basis following the 11.3% increase posted in September, according to the latest information by European Central Bank.

The result came out well above market expectations of a 11.5% increase. Three month average of annual growth rate of M3 rose to the level of 11.7%, this is higher than previous post of 11.5% increase.

On yearly basis, M1 rose by 6.5% in October from the 6.0% increase posted in September. Short term deposits, excluding overnight deposits, rose by 17.0% in October compared with 15.4% registered previous month.