The broad monetary aggregate, M3, inched up to 8.2% yoy in August, from +8.1% in July but off the peak of +9.3% recorded in May. This suggests that the underlying economic activities are m derating but remain resilient. The pick-up was on account of a faster increase in government operations and demand for funds by the private sector. The latter was driven mainly by a pick-up in the issuance of securities. These were, however, offset partially by a slowdown in external operations during the month.
Economic Highlights : Broad Monetary Aggregate Inched Up But Loan Growth Moderated In August -01/10/2010
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