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Monetary developments in the euro area: July 2023
The annual growth rate of the broad monetary aggregate M3 decreased to -0.4% in July 2023 from 0.6% in June, averaging 0.4% in the three months up to July. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -9.2% in July, compared with -8.0% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood at 23.9% in July, compared with 24.0% in June. The annual growth rate of marketable instruments (M3-M2) decreased to 20.6% in July from 22.8% in June. Chart ... (full story)