The annual growth rate of the broad monetary aggregate M3 decreased to 1.9% in April 2023 from 2.5% in March, averaging 2.4% in the three months up to April. As regards the components of M3, the annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -5.2% in April, compared with -4.2% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 21.1% in April from 20.0% in March. The annual growth rate of marketable instruments (M3-M2) decreased to 21.9% in April from 23.9% in March. Looking at the components' ... (full story)