Serbia's M1 money supply growth decelerates to 3.4% y/y in Oct.

By bne IntelliNews November 26, 2012
The annual growth of Serbia's money supply aggregates (M1, M2 and M3) decelerated in October compared to the previous months, central bank data showed. The narrowest money supply aggregate (M1), which includes currency in circulation and dinar sight deposits, rose 7% y/y to RSD 273bn (EUR 2.4bn), slowing down from an annual increase of 13.2% in September. The increase was triggered mainly by currency in circulation, which was up 16% y/y to RSD 101.6bn, while sight deposits increased moderately by an annual 2% to RSD 172bn. Dinar time and savings deposits contracted for a third month in a row (down 2% to RSD 179bn after falling 0.1% y/y in September), but the strong growth in M1 contributed to a 3.4% rise in M2 to RSD 453bn. The broadest aggregate M3 registered an annual increase of 11.9% to RSD 1,580bn in October, due to growing foreign exchange deposits with commercial banks (up by 16% y/y to RSD 1,127bn in Oct). The share of M1 and dinar time deposits in M3 declined slightly in year-on-year comparison to 17.3% and 11.4%, respectively in October, down from 18.1% and 12.9% in the same period of 2011. The share of foreign currency deposits in M3 increased in annual terms reaching 71.3%, up from 69% a year earlier.

Serbia's M1 money supply growth decelerates to 3.4% y/y in Oct.

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