Question
Which one of the following is the difference between
Narrow Money & Broad Money?Solution
The basic distinction between the measurements of narrow and broad money is the treatment of time deposits of banks. Broad money = Narrow money + Time deposits In reference to the Money supply in the economy, • Narrow Money is represented by M1. It if calculated as: M1 = Currency with the public + Demand deposits with the banking system + ‘Other’ deposits with the RBI • Broad Money is represented by M3 and is calculated as: M3 = M1 + Time deposits with the banking system OR M3 = Net bank credit to the government + Bank credit to the commercial sector + Net foreign assets of the banking sector + Government’s currency liabilities to the public – Net non-monetary liabilities of the banking sector
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