In this context, we will focus in particular on the passthrough of our monetary policy measures, as well as on geopolitical, energy and exchange rate developments. Turning to the monetary analysis, recent data confirm robust growth in broad money (M3). The annual growth rate of M3 was 5.0% in May 2015, compared with 5.3% in April.
Annual growth in M3 continues to be strongly supported by its most liquid components, with the narrow monetary aggregate M1 growing at an annual rate of 11.2% in May. Loan dynamics continued to improve.