M3 surged in December, but loan growth slips to 26‑month low
Broad money (M3) growth expanded to 4.1% YoY (Nov: 3.9%) in December, after it dipped to a four-month low in the previous month
- Key drivers: Growth was driven mainly by a surge in demand deposits (10.3%; Nov: 7.5%), contributing 2.1 ppts (Nov: 1.5%) to overall M3 growth. However, the momentum was partially capped by slower foreign currency deposits (2.2%; Nov: 6.7%).
- MoM (1.6%; Nov: 0.1%): It’s highest since March 2018, adding RM41.3b, the largest monthly increase on record.
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