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Eurozone money supply growth holds steady in January

The eurozone's broad money supply, or M3, grew by 4.6% year over year in January, unchanged from December 2017, 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 to 8.9% in January from 8.7% in the previous month.

The annual growth rate of short-term deposits other than overnight deposits came in at negative 1.9% in January from negative 2.1% in the prior month.

Annual growth of total credit to eurozone residents dropped to 3.7% in January from 3.8% in December 2017.

Adjusted loans to households grew by 2.9% year over year in January, unchanged from the previous month. Meanwhile, the central bank said the annual growth rate of adjusted loans to nonfinancial corporations increased to 3.4% in January from 3.1% in December 2017.