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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