Ukraine monetary base growth slows in May

Ukraine monetary base growth slows in May



12 червня 2014 года
Конкорд Капитал

Ukraine’s monetary base increased 1.2% m/m in May (11.7% from the year start), slowing down from 3.0% m/m in the prior month, the National Bank of Ukraine (NBU) reported on June 11. Money supply inched up only 0.1% m/m (4.8% from the year start) after a 0.6% m/m increase in the prior month.



Alexander Paraschiy: The growth slowed as soon as the NBU stopped advance profit wires to the budget. No doubt, the poor budget performance will not allow the NBU to withdraw promptly from continuing to support the budget (in May, the NBU purchased state bonds for UAH 12.45 bln vs. UAH 4.9 bln in the prior month). However, the trend in slowing hryvnia printing looks encouraging, in line with our initial expectations (near 1% m/m monetary base growth starting in May). Against this backdrop, we are keeping our monetary base projection at 19.8% YTD for 2014.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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