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Turning to the monetary analysis, data for October confirmthe assessment of subdued underlying growth in broad money, M3,and credit. Annual growth in M3 moderated to 1.4 percent inOctober, from 2.0 percent in September. This moderation waspartly based - partly related to a base effect. Annual growth inM1 remained strong at 6.6 percent, reflecting a preference forliquidity, although it was below the peak of 8.7 percentobserved in April.