Loan growth stays at 4.2% in August while M3 growth hit a 46-month low
Broad money (M3) growth slowed to 2.9% YoY in August (Jul: 3.5%), the lowest since November 2019, partly due to a higher base effect
- While the YoY growth was attributed to a sustained increase in foreign currency deposits (13.6%; Jul: 13.1%) and by an increase in fixed deposits (7.1%; Jul: 8.1%), albeit at a slower pace, it was largely weighed down by a 12th straight month of contraction in savings deposits (-6.3%; Jul: -7.6%). This was further dragged by a slowdown in demand deposits (-0.5%; Jul: -1.9%).
- MoM: rebounded (0.2%; Jul: -0.3%) following a steep decline in the preceding month.
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