Monetary base inches up by 0.1% in March

Monetary base inches up by 0.1% in March



15 квітня 2015 года
Конкорд Капитал

The Monetary base inched up 0.1% m/m in March (-0.4% ytd) vs. a 1.5% m/m increase the previous month, the National Bank of Ukraine (NBU) reported on April 10. The Money supply plunged 10.0% m/m (6.8% ytd) vs. a 21.4% upsurge in February. Throughout the month, the NBU purchased UAH 5.9 bln worth of state bonds, nearly half as much as the previous month (UAH 11.2 bln).



Alexander Paraschiy: The decline in hryvnia printing is seen responsible for this outcome. After the February hryvnia slump, which stemmed from hryvnia emission, the authorities reduced hryvnia printing activity. The first IMF wire in March as well as improved state budget collections (+40.5% yoy in February) lowered any need for hryvnia printing, for the moment. Still we are keeping our monetary base estimate for 2015 unchanged (+23.0% ytd) since large part of hryvnia printing is still ahead of us. There will also be support to the Deposit Guarantee Fund and to state banks. A large part of the refund due to Naftogaz will also be paid. The estimate is somewhat less than the +27.3% ytd the NBU had outlined as a target for 2015 in its March inflation report.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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