The annual growth rate of the broad monetary aggregate M3 increased to 4.1% in December 2018 from 3.7% in November, averaging 3.9% in the three months up to December. 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 6.6% in December, compared with 6.7% in November.

The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -0.8% in December, compared with -1.0% in November. The annual growth rate of marketable instruments (M3-M2) increased to 0.6% in December from -5.8% in November.