M3 expanded in July, while loan growth remained steady
Broad money (M3) growth edged up in July (5.3% YoY; Jun: 5.2%)
- Attributable to higher growth in demand deposits (7.8%; Jun: 7.0%), hitting a three-month high and expanding its contribution to overall growth to 1.5 ppts (Jun: 1.4 ppts). This was further supported by an increase in savings deposits (3.3%; Jun: 1.9%) with the contribution expanded slightly to 0.3 ppts (Jun: 0.2 ppts).
- MoM: however, it fell for the second straight month (-0.1%; Jun: - 0.2%), subtracting RM3.4b
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