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Broad money M3 growth up 17.1% in February

The annualized month-on-month growth index of the broad monetary aggregate M3 was 17.1% in February 2006, up from 15.4% in January, the National Bank of Hungary (MNB) said on Wednesday.

The growth of the monetary aggregate M1, calculated from trend data, rose by 4.4 percentage points to an annualized 23.4% in February. M2 growth rate increased 1.2 percentage points to from January at 16.8%. The monetary base (M0) rose by an annualized monthly rate of 12.8% in February. M0 growth accelerated from an upward revised 8.7% in January. The monetary base rose Ft 3.6 billion in February to Ft 2,243.4 billion. Of its components, the monthly average stock of current account deposits of monetary financial institutions rose Ft 22.4 billion to Ft 556.8 billion, and the stock of their overnight deposits fell Ft 13.1 billion to Ft 7.5 billion. The average stock of currency in circulation was Ft 1,679.1 billion in January, Ft 5.6 billion less than in the preceding month.