The M1 growth remains underpinned by both higher currency in circulation and sight deposits.
Dinar time and savings deposits continued retreating, shrinking 11.7% y/y in January after a 6.2% y/y contraction the month before, with their value totalling RSD 149.9bn. The strong M1 expansion contributed to a 13.2% y/y growth of M2 to RSD 508.1bn in January.
The broadest aggregate M3 increased 6.3% to RSD 1,679.7bn over the period, after rising 4.7% y/y in December due to stronger FX deposits collection.
The M3 monetary aggregate equalled to 41.9% of GDP at end-January, down from 45.7% of the full-year GDP forecast at end-December, according to IntelliNews calculations.
Currency in circulation
Dinar sight deposits
Dinar time deposits
Foreign currency deposits
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