The money supply, M3, eased to +8.8% yoy in June, from +9.5% in May and compared with +8.1% in April. This suggests that the underlying economic activities, though resilient, are moderating. The slowdown was due to slower increase in government operations during the month, after a strong pick-up in the previous month. This was mitigated by a pick-up in demand for funds by the private sector, on the back of a faster increase in loans. Similarly, external operations improved slightly during the month.
Economic Highlights - Broad Monetary Aggregate Moderated But Loan Growth - 02/08/2010
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