Liquidity surges, strong loan growth backs BNM’s steady hand on OPR
Broad money (M3) growth accelerated to 5.5% YoY in March (Feb: 4.3%), marking a 22-month high
- Key drivers: Growth was boosted by a sharp expansion in demand deposits (13.3%; Feb: 10.9%), highest since May 2021, and a rebound in foreign currency deposits (5.9%; Feb: -2.6%). Together, these components contributed 3.4 ppts (Feb: 1.9%) to overall M3 growth.
- MoM (1.4%; Feb: 0.4%): Expanded sharply, adding RM37.5b, the largest monthly increase in four months.
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