ECB-Monetary developments in the euro area: August 2023

September 27, 2023-Annual growth rate of broad monetary aggregate M3 was -1.3% in August 2023, compared with -0.4% in July
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -10.4% in August, compared with -9.2% in July

Annual growth rate of adjusted loans to households decreased to 1.0% in August from 1.3% in July
Annual growth rate of adjusted loans to non-financial corporations decreased to 0.6% in August from 2.2% in July

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 was -1.3% in August 2023, compared with -0.4% in July, averaging -0.4% in the three months up to August. 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 -10.4% in August, compared with -9.2% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 23.7% in August from 23.9% in July. The annual growth rate of marketable instruments (M3-M2) decreased to 20.4% in August from 21.1% in July.

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