Loan and M3 growth expanded in March, reflecting a stronger economy in 1Q24
Broad money (M3) growth expanded to a 19-month high (6.2% YoY; Feb: 5.7%) in March
- Growth was bolstered by higher demand deposits (8.6%; Feb: 7.1%), and foreign currency deposits (13.0%; Feb: 3.4%), contributing 3.1 ppts (Feb: 1.8 ppts) to overall M3 growth.
- MoM: growth sustained (0.5%; Feb: 0.5%), adding RM11.3b.
M3 growth was boosted by higher net foreign assets
- Claims on the private sector (5.5%; Feb: 5.7%): slowed due to lower securities (3.8%; Feb: 6.6%) but it was partially supported by higher loans (5.8%; Feb: 5.6%). Its contribution to overall M3 inched up to 5.5 ppts (Jan: 5.4 ppts), the highest since March 2019.
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