Ukraine monetary base grows 0.6% m/m in November

Ukraine monetary base grows 0.6% m/m in November



13 грудня 2017 года
Конкорд Капитал

Ukraine's monetary base grew 0.6% m/m in November after rising 0.9% m/m in the prior month, the National Bank of Ukraine (NBU) reported on Dec. 10. For 11M17, the monetary base was still in the red at -0.7% ytd. Money supply increased 0.3% m/m (2.4% ytd for 11M17).

Alexander Paraschiy: Positive interventions at the ForEx (USD 138.9 mln net) were the main source of money formation in November. At the same time, Treasury residuals grew by 11.4%, withdrawing UAH 5.5 bln from the system.

As of Dec. 1, Treasury residuals were reported at UAH 54.1 bln, or 1.9% of GDP. The large cash accumulations mean we will see a substantial jump in the monetary base in December on the back of a surge in public outlays. Against this backdrop, we still expect a 8.6% ytd monetary base increase by the year end.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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