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mpc: 18 Nominal GDP had risen by 4.8% in the year to 2006 Q2, while nominal domestic demand ­ possibly a more useful indicator of domestic demand pressures ­ was 6% higher. These increases were roughly in line with their respective averages since the Bank had been made operationally independent. But broad money growth had risen to 14.5% in September ­ the highest growth rate since 1990. The sharp pickup in money growth over the past two years had been accounted for largely by increases in the deposits of non-bank financial companies. The reasons behind the increase in the demand for money by these companies were not completely clear. It could reflect a structural or a portfolio shift in demand, in which case the inflationary implications might be limited. However, there was a risk that the build-up of liquidity in this sector might eventually be translated into higher demand for other assets. That would tend to push up asset prices, and hence boost nominal demand for goods and services.