Seoul: The Republic of Korea's money supply fell for the first time in 23 months in March, mainly due to a decline in savings deposits and other liquid financial products, central bank data showed Thursday. The country's M2, a key gauge of the money supply, stood at 4,227.8 trillion won (US$3.01 trillion) in March, down 0.1 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK). According to Emirates News Agency, this marked the first monthly decline since April 2023. On a year-on-year basis, however, the money supply advanced 6.1 percent in March. The M2 is a measure of the money supply that counts cash, demand deposits, and other easily convertible financial instruments. The on-month decline came as savings deposits fell 7.2 trillion won from the previous month, and other liquid financial products dropped 5.7 trillion won. Financial bonds with maturities under two years also lost 4.8 trillion won.