28 August 2001, 14:52  Euro area July M3 -- 2 (private sector credit up 8.2 pct yr-on-yr)

Credit to the private sector grew 8.2 pct year-on-year in July, down from a growth rate of 8.4 pct in June. Loans to the private sector, which account for the bulk of private sector credit, grew 7.6 pct year-on-year, compared with a growth rate of 7.8 pct the month before. Credit to general government fell 0.4 pct year-on-year. Total credit to euro area residents -- which consists of private sector credit and credit to general government --- consequently grew 6.2 pct year-on-year in July. The year-on-year rate of growth of currency in circulation and overnight deposits (M1) fell to 3.3 pct in July from 3.8 pct in June. Growth in other short-term deposits (M2-M1) rose to 5.2 pct from 4.6 pct the month before. The growth rate of marketable instruments (M3-M2) rose to 18.8 pct from 17.3 pct in June.

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