The first is to foster competition in domestic and international markets. Competition stimulates innovation and efficiency. That does not mean, however, that authorities should simply get out of the way of market operators. Regulators can also promote efficiency by—and this is the second path—reducing informational asymmetries through the adoption of certain transparency requirements.
Sustained rates of broad money growth reflect ongoing bank credit creation for the private sector and low opportunity costs of holding M3. The narrow monetary aggregate M1 continues to be the main contributor to broad money growth on the components side. The annual growth rate of loans to non-financial corporations increased to 3.9% in April 2019, from 3.6% in March.