By BridgeNews
London--Feb. 5--U.K. seasonally adjusted narrow M0 money supply rose 1.0% on the month and 4.2% on the year, the Bank of England reported Monday. This was slightly below the MO growth levels recorded in December, and well down on the 8%-plus levels seen as recently as late autumn 2000.
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In December, M0 was up 0.9% up on the month and 4.6% up on the year.
The Bank of England said that January M0 narrow money growth had been affected by the effects of the cash flows into banks to cover millennium demand.
The bank said that it estimated the "exceptional increase in the level of notes in circulation over the New Year period in January 2000" had depressed year-on-year growth by 4.6%.
M0 refers to UK notes and coins in circulation and banks' deposits with the Bank of England.
The following table gives the changes in the UK's narrow M0 money supply measure in December published Monday by the Bank of England.
The data are seasonally adjusted and in percent unless noted. A minus sign denotes a fall. An r indicates a revision.