OREANDA-NEWS. January 13, 2010. In December 2009, Monetary Base increased by 7.5% or UAH 13.6bn, despite its decrease during most of the 2H09 months. The main contributor to the monetary base growth was an increase in the amount of cash in circulation (UAH 9.1bn).

Millennium Capital sees the increase in the monetary base to be the first results of the monetary policy pursued by NBU in both the State-owned banks and as regards budget deficit financing. Specifically, Rodovid Bank started paying out Ukrprombank deposits, whereas social transfers in December may have been performed via indirect NBU financing of the Government.