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mpc: 13 M4 had continued to grow strongly; by over 12% in the year to February 2006. Excluding the volatile `Other Financial Corporations' component, growth had been around 9%. With nominal domestic demand growth having slipped below 4%, the velocity of broad money had continued to trend downwards, as it had for most of the previous 25 years. The recent growth of M4 ­ and the observed decline in velocity ­ was perhaps faster than could be accounted for by its normal determinants.