New Zealand July M3 Money Supply Growth Improves

Thursday, the Reserve Bank of New Zealand reported that M3, the broadest measure of monetary aggregate, increased at a faster pace of 7.6% year-on-year in July compared to 7.4% in June.

However, money supply rose less than the 9.4% growth reported in the prior year. Money supply amounted to NZ$203.66 billion in July. The central bank said M3, excluding funds from non-residents, moved up 9.8% annually, the same as in June. Meanwhile, M3, excluding repurchase agreements climbed 7.9%, following a 7.8% rise in June. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved.