The annual growth rate of the broad monetary aggregate M3 decreased to 3.7% in November 2018 from 3.9% in October, averaging 3.7% in the three months up to November. 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 6.7% in November, compared with 6.8% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at -1.0% in November, unchanged from the previous month. The annual growth rate of marketable instruments (M3-M2) was -6.0% in November, compared with -4.6% in October.