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Financial News: Eurozone Money Supply Growth Accelerates

Eurozone Money Supply Growth Accelerates

08/27/2020 - 07:22:00 (RTTNews)

(RTTNews) - Eurozone money supply and private sector credit growth accelerated in July, the European Central Bank reported Thursday.

The monetary aggregate M3 expanded 10.2 percent on year versus a 9.2 percent rise in June. The rate was expected to remain unchanged at 9.2 percent.

At the same time, narrow measure M1 growth improved to 13.5 percent from 12.6 percent in June.

As regards the dynamics of credit, the annual growth of credit to euro area residents advanced to 7.7 percent in July from 7 percent in June. Credit to general government climbed 15.5 percent versus a 13.6 percent rise a month ago.

The annual growth in credit to the private sector improved to 5 percent from 4.7 percent. At the same time, adjusted loans to the private sector grew at a slower pace of 4.7 percent after rising 4.8 percent in June.

Loans to the households increased at a steady pace of 3 percent and that to non-financial corporations eased to 7 percent from 7.1 percent.

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