Monetary base up 0.8% mom, M3 down 1.5% mom in March.

According to the National Bank of Ukraine data published yesterday, Ukraine’s money supply shrank 1.5% mom in March to UAH 463.7 bln (down 6.4% in 3M09), while the monetary base grew 0.8% mom to UAH 174.8 bln (down 10.1% in 3M09). The monetary multiplier decreased from 2.76 in December 2008 to 2.65 in March 2009. The NBU reported that bank deposits in hryvnyas in March decreased 1.1% mom to UAH 174.6 bln. Foreign currency deposits held by banks declined 3.1% mom to USD 18.1 bln.