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Eurozone M3 Growth Slows In November

Eurozone money supply grew at a slightly slower pace in November, the European Central Bank said Friday.

The broad monetary aggregate M3 grew 4.9 percent year-on-year in November, slower than the 5 percent increase seen in October. Economists had forecast a 4.9 percent rise.

The narrow measure M1, which includes currency in circulation and overnight deposits, climbed 9.1 percent in November, but slower than the 9.4 percent rise in October.

The annual growth rate of credit to the private sector held steady at 2.8 percent in November. Loans to the private sector grew by adjusted 2.9 percent compared to 2.8 percent in October.

Meanwhile, loans to households grew at a faster pace of 2.8 percent after rising 2.7 percent in October. Likewise, the increase in loans to non-financial corporations rose to 3.1 percent from 2.9 percent.

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