The broad M3 money supply grew 1% in May from last year, following a 0.7% rise in April. The rate also exceeded consensus of 0.8%. At the same time, growth in M1 slowed to 5% from 5.2% in April.
The three-month average of the annual growth rates of M3 in the period from March to May came in at 0.9%, compared with 1% in the period from February to April.
Loans to the private sector declined 2% annually, bigger than the 1.8% drop seen in April. Lending to households slid 0.7% versus flat growth seen a month ago.
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