Money supply down 0.3%, monetary base 3.1% in August

Ukraine’s money supply(M3) declined 0.3% mom to UAH 470.5 bln in August, the National Bank of Ukraine announced Friday on its website. The monetary base was down 3.1% to UAH 183.4 bln during the period. Mykyta Mykhaylychenko: The NBU is continuing to absorb hryvnyas from the market through abundant interventions on the domestic FX market while supporting the system’s liquidity mostly through refinancing troubled banks. We expect this trend to persist until the end of the year.