Slower M3 and loan growth in November signals cautious optimism ahead
Broad money (M3) supply slowed in November (4.0% YoY; Oct: 4.2%)
- Reason: Mainly due to slower growth in fixed deposits (4.7%; Oct: 5.2%), dragging 0.2 ppts lower to overall M3 growth. Nevertheless, the weakness was partially mitigated by expansion in demand deposits (5.2%; Oct: 4.6%), contributing 1.1 ppts to overall M3.
- MoM: moderated (0.7%; Oct: 0.9%) following previous month's sharp increase, adding RM16.7b (Oct: RM21.1b).
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