Lebanon's broad money supply (M3) growth remained strong in November 2013 despite ticking down to 6.3% y/y to LBP 1 .65tn ( USD 111bn ), the central bank said. M3 growth stood at 6.4% y/y in October. In monthly terms, however, M3 rose 0.3% m/m in November. M3 growth remains underpinned mainly by strong bank lending, mainly to the private sector, and rising LBP and FX-denominated bank deposits. M2 grew 5.6% y/y in November, nearly the same as the month before. M1 growth inched down to 10.3% y/y from 10.8% in October. Total bank deposits, including resident and non-resident private sector deposits and public sector deposits, increased 6.6% ytd to LBP 203 .1tn at end-November accounting for 84.0% of total assets.
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