The annual growth rate of the broad monetary aggregate M3 decreased to 4.5% in July 2017, from 5.0% in June, averaging 4.8% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate, including currency in circulation and overnight deposits (M1), decreased to 9.1% in July, from 9.7% in June.

The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was more negative at -3.2% in July, from -3.0% in June. The annual growth rate of marketable instruments (M3-M2) was more negative at -2.8% in July, from -0.6% in June. Within M3, the annual growth rate of deposits placed by households decreased to 4.5% in July, from 4.9% in June, while the annual growth rate of deposits placed by non-financial corporations decreased to 6.8%.