RTTNews - Thursday, the European Central Bank said that euro area's M3 money supply grew at a slower pace of 3% in July compared to June's 3.6%. Economists were expecting the annual growth rate to ease to 3.2%. The three-month average of the annual growth rates of M3 during May to July decreased to 3.4% from 4.1% in three months to June 2009.

Among the main components of M3, M1 increased 12.2% in July, up from 9.4% in June. Meanwhile, the annual rate of change of short-term deposits, other than overnight deposits decreased to minus 2.6% from 0.4% in the previous month. Further, the annual rate of change of marketable instruments fell to minus 7% from minus 4% in June.

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