Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 0.9% in March 2024 from 0.4% in February, averaging 0.4% in the three months up to March. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -6.7% in March, compared with -7.8% in February. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 16.9% in March from 18.8% in February. The annual growth rate of marketable instruments (M3-M2) increased to 19.2% in March from 17.5% in February.
