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Time depositA deposit contracted for a specific period of time. When stipulated in the contract, the amount of the deposit can only be recovered before the period expires with the authorisation of the financial institution and with a penalty in its remuneration. In a broader sense, this term also covers some non-marketable financial assets, such as non-marketable deposit certificates. Time deposits of up to two years are included in the monetary aggregate M2 (and therefore in M3), while those deposits of more than two years are included in the longer term financial (not monetary) liabilities of the Monetary Financial Institutions (MFI) sector.
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