Ukraine monetary base declines 0.6% m/m in July

Ukraine monetary base declines 0.6% m/m in July



13 серпня 2014 года
Конкорд Капитал

Ukraine’s monetary base decreased 0.6% m/m in July (13.6% YTD) compared to a 2.4% m/m gain in June, the National Bank of Ukraine (NBU) reported on Aug. 12. Money supply continued sliding in July at -0.4% m/m (+4.0% YTD), compared to -0.8% m/m in June.



Alexander Paraschiy: A decrease in gross foreign reserves is the main reason for the monetary base contraction in July. At the same time, the NBU didn’t reduce its fiscal support, purchasing UAH 6.2 bln in state securities compared to UAH 1.2 bln in June. Given that the NBU started intervening in the ForEx market in August, thus further decreasing gross international reserves, we can expect the monetary base to decline more this month. Against this backdrop, the chances for the NBU to keep its monetary base growth rate for the year within its 21% target have substantially improved.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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