29 March 2001, 11:42 EMU M3 GROWTH STRONGER THAN EXPECTED; MAY DELAY RATE CUT
Eurozone M3 money supply grew in February by 4.7%, the same rate as in
January and still above the European Central Bank's 4.5% reference
value. M3 money rose a seasonally adjusted E36 bln, the strongest
monthly growth in 11 months and equivalent to an annualized rate of
about 8.7%. Many analysts had expected the headline rate to slow to 4.4%
due to a base effect. The data could reduce chances of an ECB rate cut
soon, given above-ceiling inflation and a weak euro.
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