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Eurozone March M3 Growth Rises; Loans To Private Sector Recover

Eurozone money supply growth accelerated more than expected and loans to the private sector recovered in March, data released by the European Central Bank revealed Wednesday.

M3 money supply grew 4.6 percent in March from last year, faster than the 4 percent increase in February. It was expected to expand by 4.3 percent.

The annual growth in M1 improved to 10 percent from 9.1 percent in February.

The three-month average of the annual growth rates of M3 during January to March increased to 4.1 percent from 3.8 percent in the period from December to February.

At the same time, loans to the private sector rose 0.1 percent from the prior year, reversing a 0.1 percent fall in February.

Total credit granted to euro area residents climbed 0.4 percent. Credit extended to general government increased 2.5 percent and that to the private sector fell 0.2 percent.

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