FRENCH JANUARY M-3 MONEY SUPPLY RISES ONE PCT
French money supply, measured in terms of
M-3, rose a provisional one pct in January after falling 0.7
pct in December, the Bank of France said.
    M-3 is the main money supply aggregate used by the French
monetary authorities. It has been joined as a second main money
supply aggregate for 1987 by M-2, which rose a provisional 1.2
pct in January after falling a confirmed 0.9 pct in December.
    Calculated on a three-month moving average basis, M-3 rose
4.4 pct year-on-year in the quarter based on December after
rising 5.4 pct in the quarter centred on September.
    The M-2 aggregate, centred on a three-month moving average,
rose year-on-year by four pct, within a 1987 target range of
four to six pct.
    M-1 rose 2.5 pct after a 1.1 pct fall in December. M-1
measures notes and coins in circulation plus sight deposits.
    M-2 adds in short-term bank deposits and M-3 adds in other
short-term deposits.
    The central bank's widest measure of liquidity, L, rose 1.5
pct in January after one pct fall in December. The bank said
the money supply growth reflected a net increase of sight
deposits and renewed interest in money market instruments.
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