The annual growth rate of the broad monetary aggregate M3 increased to 4.8% in November 2016, from 4.4% in October, averaging 4.7% in the three months up to November. The components of M3 showed the following developments.

The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), increased to 8.7% in November, from 8.0% in October.

The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was more negative at -2.0% in November, from -1.7% in October. The annual growth rate of marketable instruments (M3-M2) increased to 2.4% in November, from 1.8% in October.