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Ukraine monetary base falls 1.5% m/m in September

Ukraine's monetary base fell 1.5% m/m in September vs. a 0.1% m/m slide in the prior month, the National Bank of Ukraine (NBU) reported on Oct 11. For 9M17, the monetary base decreased 2.1% YTD. In contrast, the money supply grew 1.7% m/m in September (1.9% YTD for 9M17) compared to a 0.9% m/m decline in the prior month.


Alexander Paraschiy: NBU foreign currency interventions seem to be the main reason for further hryvnia withdrawal from the market. In September, it sold at the ForEx USD 166 mln in defending the hryvnia from volatility. At the Treasury, we see a slight decrease in cash residuals by 4.9% to UAH 60.0 bln from UAH 63.2 bln in September. Despite the steadily declining tendency, we still expect the monetary base to grow 8.6% YTD in 2017 on the back of large public outlays in November-December.
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