According to the report from European Central Bank, the annual growth rate of the broad monetary aggregate M3 increased to 7.9% in August 2021 from 7.6% in July, averaging 7.9% in the three months up to August. Economists had expected a 7.8% 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, stood at 11.1% in August, compared with 11.0% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.5% in August, compared with -1.8% in July. The annual growth rate of marketable instruments (M3-M2) increased to 9.9% in August from 7.9% in July.

Looking at the components' contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 7.8 percentage points (up from 7.7 percentage points in July), short-term deposits other than overnight deposits (M2-M1) contributed -0.4 percentage point (up from -0.5 percentage point) and marketable instruments (M3-M2) contributed 0.5 percentage point (up from 0.4 percentage point).

Annual growth rate of adjusted loans to households stood at 4.2% in August, unchanged from previous month

Annual growth rate of adjusted loans to non-financial corporations decreased to 1.5% in August from 1.7% in July