June M3 eased but loan growth hits 20-month high, signalling strong growth
Broad money (M3) growth moderated for the third straight month in June (5.2% YoY; May: 5.8%) and the lowest in seven months
- Slower growth was mainly due to moderate growth in fixed deposits (3.4%; May: 4.0%), hitting a 19-month low and reducing its contribution to overall growth to 1.5 ppts (May: 1.8 ppts). This was further weighed down by a sharp slowdown in other deposits (3.2%; May: 5.0%). However, overall growth was partially supported by the expansion in foreign currency deposits (15.6%; May: 14.4%).
- MoM: growth fell slightly (-0.2%; May: 0.2%), subtracting RM4.1b.
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