Broad Money Supply M3 Grew by 40.9% Year-on-Year in November

Forex - After a year-on-year growth of 41% in the broad money supply M3 in October 2024, it grew by 40.9% year-on-year in November 2024. According to a statement from the Central Bank, the annual growth rate of the narrowest definition of money, M1, was 34.2% in the previous month, while it dropped to 31.8% in November.

The statement noted: "The annual growth rate of loans extended by the monetary sector to households was 45.3% in October 2024 and 45.8% in November 2024. Loans to non-financial corporations increased by 38.1% year-on-year in October 2024, while the increase was 35.7% in November 2024.

When examining the contribution of components of the broad money supply to the annual growth in money supply, it was observed that time deposits made the largest contribution, followed by demand deposits. In the annual growth of 40.9% observed in broad money supply M3 in November 2024, the increase in time deposits contributed 23.7%, followed by demand deposits with 11.9%, while the contributions of other components remained limited. In the monthly growth of 2.2%, the increase in time deposits in Turkish Lira had an impact of 1.4%, followed by money market funds with an impact of 1%.