The annual growth rate of the broad monetary aggregate M3 increased to 5.0% in August 2017, from 4.5% in July, averaging 4.8% in the three months up to August. 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 9.5% in August, from 9.1% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was less negative at -2.7% in August, from -3.2% in July. The annual growth rate of marketable instruments (M3-M2) was less negative at -1.4% in August, from -2.4% in July. Within M3, the annual growth rate of deposits placed by households stood at 4.5% in August, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations

increased to 8.1% in August, from 6.8% in July. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 6.4% in August, from 5.3% in July.