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Broad money M3 growth decelerates in October

Analysis

The annualized month-on-month growth of M3 decelerated from 112.8% in September to 108.2% in October, the National Bank of Hungary (NBH) on Wednesday.

There was only a slight change in the annualized month-on-month growth index of monetary aggregates M2 and M3, steadily fluctuating between 108% and 113% since May. Growth index for M2 dropped from 110.3% to 108.9%. The annualized month-on-month growth index of the narrower monetary aggregate M1 decreased from 107.1% to 104.6% last month due to a Ft 70.3 billion drop in the demand and current account deposits of the local governments. The annualized month-on-month growth index of the monetary base (M0) was 124.8% in October. The monetary base increased by Ft 97 billion from September to Ft 2,632.3 billion. (Mti-Eco)

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