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Saturday, 15 April 2017

Money & Credit Update

The money supply is still declining on a rolling 13 week basis, though it fell less this week than during the previous six weeks...

...driven by declines in bank credit...

...which consists of bank lending, which makes up about 73% of bank credit....

...and securities owned by banks which makes up the remainder (about 27%) of bank credit.

Growth in banks' securities portfolios has therefore acted to partly counter the declines in bank lending, especially during the last seven weeks.

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