Money supply is stable in July

Money supply is stable in July—central bank

The country's money supply remained stable on the back of the sustained demand for credit in July, the Bangko Sentral ng Pilipinas (BSP) said Thursday.

In an emailed statement, the central bank said domestic liquidity or M3—the broadest measure of money in the financial system—grew by 13.5 percent last month, marginally higher than the 13.3 percent the previous month.

In terms of a month-on-month seasonally-adjusted basis, the M3 grew by 1.4 percent.

"Demand for credit remained the principal driver of money supply growth," the central bank said.

"Growth in bank loans has remained strong on account of lending to key production sectors," it added. — Jon Viktor Cabuenas/VDS, GMA News

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