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Eurozone money supply growth slows in February

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Eurozone money supply growth slows in February

The eurozone's broad money supply, or M3, grew 4.2% year over year in February, slower than the revised 4.5% annual growth in January, data from the European Central Bank showed.

Among the components of M3, the narrower aggregate M1, which includes currency in circulation and overnight deposits, rose 8.4% in February year over year, following an 8.8% increase in the prior month.

The annual growth rate of short-term deposits other than overnight deposits came in at negative 2.3% compared with negative 1.9% in January.

The annual growth rate of total credit to eurozone residents dipped to 3.4% in February from 3.6% in the prior month.

Adjusted loans to households grew 2.9% year over year, unchanged from January's pace, while adjusted loans to nonfinancial corporations grew 3.1% in February after a 3.4% rise in the previous month.