As in previous months, annual growth in M3 was mainly supported by its most liquid components, with the narrow monetary aggregate M1 expanding at an annual rate of 7.9% in October, after 8.4% in September. Loan dynamics followed the path of gradual recovery observed since the beginning of 2014.
Both their populations and their GDP are but a tiny fraction of world population and world GDP. Faced with limited options for development, many sought to become Offshore Financial Centres (OFC’s).