According to the report from European Central Bank, the annual growth rate of the broad monetary aggregate M3 increased to 10.2% in July 2020 from 9.2% in June, averaging 9.5% in the three months up to July. Economists had expected a 9.2% increase.

The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 13.5% in July from 12.6% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 1.4% in July from 0.8% in June. The annual growth rate of marketable instruments (M3-M2) increased to 12.8% in July from 9.2% in June.

Annual growth rate of adjusted loans to households stood at 3.0% in July, unchanged from previous month

Annual growth rate of adjusted loans to non-financial corporations stood at 7.0% in July, compared with 7.1% in June