The annual growth rate of the broad monetary aggregate M3 increased to 4.4% in June 2018 from 4.0% in May, averaging 4.1% in the three months up to June. 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 7.4% in June, compared with 7.5% in May.

The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -0.9% in June, compared with -1.7% in May. The annual growth rate of marketable instruments (M3-M2) was -2.4% in June, compared with -5.1% in May.

Looking at the components' contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 4.8 percentage points (as in the previous month), short-term deposits other than overnight deposits (M2-M1) contributed -0.3 percentage point (up from -0.5 percentage point) and marketable instruments (M3-M2) contributed -0.1 percentage point (up from -0.3 percentage point).