Growth in monetary aggregates, measured in terms of the year-to-year growth rate of M2 + CDs average outstanding, has remained stable on the whole at 3.0 - 4.0 per cent. Although lending by private financial institutions has been weak, that by public financial institutions has been firm.
Regarding money market rates, the overnight call rate (uncollateralized) on the whole has stayed somewhat below the official discount rate of 0.5 per cent. The 3-month CD rate has moved at 0.50 - 0.55 per cent.