The broader money supply, M3, strengthened to 8.7% yoy in March, the strongest in three months and from +8.2% in February, in line with a pick-up in the underlying economic activities. This was on account of a pick-up in demand for funds by the private sector due to resilient loan growth. This was, however, offset partially by a more moderate increase in the government operations, in tandem with slower growth in the disbursement of funds, and a slowdown in external operations.
Economic Highlights - Broad Monetary Aggregate Growth Picked Up, But Loan Growth Eased In March- 3/5/2010
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