Ukraine monetary base grows 8.5% in 2014

Ukraine monetary base grows 8.5% in 2014



19 січня 2015 года
Конкорд Капитал

Ukraine's monetary base grew 8.5% in 2014 compared to 20.3% in 2013, the National Bank of Ukraine (NBU) reported on Jan. 16. Money supply increased 4.9% compared to 17.6% in 2013. The NBU purchased UAH 171.1 bln and USD 5.0 mln of state bonds in 2014, compared to UAH 41.5 bln (and zero bonds in USD) in 2013.



For 2015, the NBU is projecting 27% growth in the monetary base, according to Valeriia Gontareva, the NBU head.



Alexander Paraschiy: A substantial contraction in gross international reserves in 2014 (by 63.1%) was the main reason for the modest monetary base increase, regardless of the NBU’s outstanding support to the government throughout the year. The generously printed hryvnias were "neutralized" by the contraction of the foreign currency stock, as well as by devaluation.



Against this backdrop, the targeted 27% YTD monetary base increase means that the monetary authorities are hopeful for the stabilization of the ForEx market and plan minimal ForEx interventions throughout the year. At the same time, the government plans to offer substantial fiscal support by hryvnia printing, unfortunately. Our projection for monetary base growth is 23.0%, which is close to the NBU target.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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