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Broad money down by RM1.7billion in Feb 2009

Posted on: April 1, 2009


Bernama – Wednesday, April 1

KUALA LUMPUR, March 31 (Bernama) — Broad money or M3 decreased by RM1.7 billion in February 2009 on a month-on-month basis, Bank Negara Malaysia said today.

Trade inflows and the provision of credit by banks were partially offset by the temporary placement of demand deposits by the government with commercial banks, it said.

These funds are in transition for the payment of government expenditures, the central bank said in its monetary and financial developments report.

Bank Negara said that M3 expanded in February 2009 at a slower annual growth rate of 7.7 percent.

It said that total deposits placed with the banking system declined marginally by RM200 million from RM4.4 billion the previous month, in part due to net foreign outflows during the month.

By holder, the lower deposits reflected withdrawals by business enterprises and financial institutions while by type, the decline in deposits was mainly in the form of negotiable instruments of deposits and short-term money market deposits.

On financing, Bank Negara said financing to the private sector through banking system loans and private debt securities outstanding on a net basis increased at an annual rate of 10.9 percent in February 2009.

Gross financing raised by the private sector from the banking system and capital market amounted to RM45.2 billion, it said.

Headline inflation continued to moderate to 3.7 percent last month, due mainly to the decline in retail fuel prices and the lower increase in food prices, the central bank said.

According to Bank Negara, the banking system remained sound, with the risk-weighted capital ratio and core capital ratio improving to 13 percent and 11.1 percent respectively.

The capital base expanded by 3.2 percent following the inclusion of audited profits as well as capital-raising exercises by several Islamic banking institutions, it said.

The net non-performing loans (NPLs), which amounted to RM15.8 billion, remained unchanged at 2.2 percent of total net loans, it added. — BERNAMA

NBB LC

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