The money supply, M3, bounced back to increase by 9.5% yoy in May, from +8.1% in April and +8.7% in March. This was the fastest growth in six months, indicating that the underlying economic activities still remained quite strong. Stronger growth was underpinned by a pick-up in government operations in May, after slowing down for the last two consecutive months. This was aided by stronger growth in demand for funds by the private sector, on the back of a faster increase in loans. These were, however, offset partially by a sharper decline in external operations during the month.
Economic Highlights - Broad Monetary Aggregate And Loan Growth Picked - 30/6/2010
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