RTTNews - Monday, a report from the European Central Bank said the annual growth of the M3 money supply slowed further to 3.5% in June from 3.7% in the preceding month. Economists expected the growth to be 3.9%.
The three-month average of the annual growth rates of M3 over the April to June period decreased to 4.1% from 4.6% in the preceding three-month period.
Among the components of the M3, the annual growth rate of the M1 money supply increased to 9.3% in June from 7.9% in the preceding month. At the same time, the annual rate of growth of short-term deposits other than overnight deposits increased at a slower pace of 0.4% in June compared to a 2.1% growth in the previous month. However, marketable instruments dropped further on an annual basis, by 4% in June compared to a 3.7% fall in May.
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