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Eurozone M3 Growth Accelerates; Credit To Private Sector Rises

Eurozone money supply grew at a faster pace and credit to private sector logged a steady growth in February, the European Central Bank reported Thursday.

Annual growth rate of broad monetary aggregate M3 increased to 5.5 percent in February from 5.2 percent in January.

Likewise, the narrow measure M1 comprising currency in circulation and overnight deposits, grew at a faster pace of 8.1 percent after rising 7.9 percent a month ago.

Credit to general government fell 2.0 percent in February, while the annual growth in credit to the private sector remained unchanged at 3.4 percent in February, data showed.

Further, adjusted loans to the private sector came in at 3.7 percent in February, slightly slower than the 3.8 percent rise seen a month ago. Adjusted loans to households grew 3.8 percent and that to non-financial corporations gained 3.0 percent in February.

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