The annual growth of Serbia's M1 and M3 money supply aggregates continued decelerating in December, while M2 dropped y/y for a first time since July 2011, central bank data showed. The narrowest money supply aggregate (M1), which includes currency in circulation and dinar sight deposits, rose 5.1% y/y to RSD 308.7bn (EUR 2.8bn), slowing down from an annual increase of 5.3% in November. The increase was triggered mainly by sight deposits which rose an annual 10.4% to RSD 198bn, while currency in circulation declined 3.2% y/y to RSD 110.5bn in Dec. Dinar time and savings deposits contracted for a fifth month in a row (down 11.5% to RSD 172bn after falling 3.8% y/y in November) and contributed to a 1.5% drop of M2 to RSD 481bn. The broadest aggregate M3 registered an annual increase of 9.4% in Dec to RSD 1,642bn in December due to growing foreign exchange deposits with commercial banks (up by 14.7% y/y to RSD 1,161bn in Dec). The share of M1 and dinar time deposits in M3 declined in year-on-year comparison to 18.8% and 10.4%, respectively in December, down from 19.6% and 12.9% in the same period of 2011. The share of foreign currency deposits in M3 increased in annual terms reaching 70.7%, up from 67.5% a year earlier. |
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