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Financial News: Eurozone M3 Rises For First Time In 6

Eurozone M3 Rises For First Time In 6 Months

01/26/2024 - 05:41:00 (RTTNews)

(RTTNews) - Eurozone money supply expanded for the first time in six months in December albeit at a marginal pace, the European Central Bank reported Friday.

The broad monetary aggregate M3 edged up 0.1 percent on a yearly basis, in contrast to the 0.9 percent decline in November. This was the first increase since June. M3 was forecast to fall 0.7 percent.

The M3 growth averaged -0.6 percent in three months to December.

The narrow measure M1, which comprises currency in circulation and overnight deposits, declined 8.5 percent annually but slower than the 9.5 percent fall in November.

Data showed that credit to the private sector advanced 0.5 percent annually, following a 0.3 percent rise in November.

Adjusted loans to the private sector moved up 0.5 percent after rising 0.4 percent in November.

Among the borrowing sectors, adjusted loans to households posted a slower growth of 0.3 percent, while growth in loans to non-financial corporations improved to 0.4 percent from zero.

Today's data suggested that lending is still much muted and that the monetary transmission is clearly weighing on investment, ING economist Bert Colijn said.

The economist said he is cautious about expecting stronger investment as the two months of small increases in bank lending to businesses are not yet a trend and fixed investment needs are still weighing on loan demand.

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