The annual growth rate of the broad monetary aggregate M3 stood at 5.0% in May 2017, after 4.9% in April, averaging 5.1% in the three months up to May.

The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), stood at 9.3% in May, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at -2.9% in May, compared with -2.8% in April.

The annual growth rate of marketable instruments (M3-M2) increased to 3.1% in May, from 1.7% in April. Within M3, the annual growth rate of deposits placed by households decreased to 5.1% in May, from 5.3% in April, while the annual growth rate of deposits placed by non-financial corporations increased to 7.5% in May, from 7.1% in April. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 2.8% in May, from 1.4% in April.