Money supply down 0.1%, monetary base up 0.2% in July

The National Bank of Ukraine reported today on its website that Ukraine’s money supply (M3) decreased 0.1% mom in July and 8.4% YTD to UAH 472.3 bln. At the same time, the NBU said the monetary base (MB) increased 0.2% last month and 1.4% YTD to UAH 189.2 bln. Andrii Parkhomenko: We expect that monetary aggregates will not change substantially in the coming months. As credit continues to wind down, we will see the monetary multiplier (M3/MB) shrinking in the coming months.