Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 stood at 2.8% in October 2025, unchanged from the previous month, averaging 2.9% in the three months up to October. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 5.2% in October from 5.0% in September. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.8% in October, compared with -2.1% in September. The annual growth rate of marketable instruments (M3-M2) decreased to 1.9% in October from 4.3% in September.