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Monetary base in Ukraine grows by 2.1% in Feb, money supply by 1% – NBU
KYIV. March 13 (Interfax-Ukraine) – Money supply (M3 aggregate) in Ukraine after almost no changes in January in February of this year grew by 1%, or UAH 25.2 billion, to UAH 2.524 trillion, the National Bank of Ukraine (NBU) has reported.
According to its data, the growth of deposits in the second month of this year accelerated to 2.2% from 1.1% in January last year and was provided mainly by hryvnia deposits, which, after falling by 0.8% in January, increased 2.8% in February, or UAH 33.8 billion, to UAH 1.229 trillion.
At the same time, foreign currency deposits after a jump in January by 4.7%, which could be due to an increase in the exchange rate of other currencies against the U.S. dollar, in February added only 1%, or UAH 6.7 billion, to UAH 666.2 billion (in hryvnia equivalent).
The growth of foreign currency deposits continues for the fifth month in a row, which the National Bank associates with the permission to buy noncash currency of up to UAH 100,000 per month for a three-month deposit.
However, cash in circulation outside banks (M0), after declining by 3.4% in January in February, dropped by another 2.4%, or by UAH 15.3 billion, to UAH 628.0 billion, which corresponds to the level approximately at the beginning of November.
Monetary base (reserves) after growth in the first month of this year by 4.7% in the second added another 2.1%, an increase of UAH 17.17 billion, to UAH 847.0 billion.
Such dynamics is connected with the continued build-up of reserve funds of banks after the increase by the National Bank of the required reserve ratios for current deposits: after a jump by 47.4% in January, in February they grew by another UAH 32.5 billion, to UAH 219.0 billion.
At the same time, cash on hand in banks, after growing by 14.7% in January, fell in February by 11.4%, or UAH 6.4 billion, to UAH 49.9 billion.
At the same time, banks continued to reduce investments in deposit certificates in February, but at a much slower pace than in January, when they fell by 20.1% at once. In February, their reduction was 3.5%, or by UAH 13.0 billion.
The volume of loans after a decrease in February by 0.7%, in February fell by another 1.4%, or UAH 13.3 billion, to UAH 969.6 billion. At the same time, hryvnias dropped by UAH 5.0 billion, or 0.7%, to UAH 713.6 billion, while foreign currencies by UAH 8.3 billion, or 3.2%, to UAH 256.0 billion.
