(UPDATE) June money supply up 5.1%
Reuters
First Posted 12:30:00 08/29/2008
Filed Under: Economic Indicators, Macro Economics
MANILA, Philippines -- Money supply in June grew 5.1 percent from a year earlier, faster than a 3.7 percent rise in May mainly due to an expansion in private credit, the central bank said on Friday.
"The central bank shall continue to keep an eye on domestic liquidity trends to ensure that liquidity growth is supportive of non-inflationary economic growth," central bank governor Amando Tetangco said in a statement.
The money supply data, one of several indicators used by the central bank in setting its policy rates, was based on a new reporting system that is consistent with international accounting standards.
Credit to the private sector expanded 11.8 percent in June from a year ago from 8.6 percent in May while credit to government agencies slowed to 2.0 percent in June from 4.9 percent in the previous month.
Annual inflation has risen to a 17-year high of 12.2 percent in July but is unlikely to reach 13 percent this year, with the peak coming possibly in October, the central bank previously said.
Annual domestic liquidity rose 17.4 percent in 2007, below the central bank's 20 percent threshold.
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