Ukraine monetary base rises 0.9% m/m in October

Ukraine’s monetary base rose 0.9% m/m in October from
a 1.5% m/m decline in the prior month, the National Bank of Ukraine (NBU)
reported on Nov 10.  For 10M17, the monetary base dropped 1.3% YTD. 
Money supply inched up 0.1% m/m (2.0% YTD for 10M17) compared to a 1.8% m/m
gain in the prior month.

Alexander Paraschiy: Stronger budget outlays were the main source of money formation in
October. Treasury residuals fell to UAH 48.6 bln as of Nov. 1 from UAH 60.0 bln
in the prior month, thus injecting UAH 11.4 bln into the system. Budget
spending will be mounting in November-December, meaning
that the monetary base will also accelerate. We continue to project a 8.6% YTD
monetary base increase by the year end.