Monetary Sphere

Table 14
Money Supply in Circulation as of the End of the Period, million UAH

Monetary AggregatesJanuary 1998February 1998March 1998April 1998
Cash (MO)589658256364
M1863985079230
M2119191209512835
M3120741223812960
Monetary base679566217096

The balance of indebtedness related to credits granted to business entities of Ukraine by Ukrainian commercial banks as of 1 April 1998 amounted to UAH 7,343 mln, including UAH 5,001 mln of credits denominated in the national currency and UAH 2,342 mln of credits denominated in foreign currencies. The balance of indebtedness related to credits granted by Ukrainian banks (including the National Bank of Ukraine) as of 1 April 1998 amounted to UAH 13,454 mln, including UAH 5,662 mln of credits denominated in the national currency and UAH 4,792 of credits denominated in foreign currencies.

The average weighted interest rates on credits granted by Ukrainian commercial banks were 43.8% per annum in January, 48.7% in February, 48.9% in March, and 47.7% in April; on deposits they were 19.2% per annum in January, 18.0% in February, 18.7% in March; and 19.6% in April (depository rates does not include the interbank credits). Personal deposits in the commercial banks of Ukraine rose from UAH 1,635 mln as of February 1, to UAH 1,778 as of April 1.

Since 18 March 1998, the NBU's discount rate had been at the level of 41% and lombard rate at the level of 45% per annum.

Under the influence of the destabilization of financial markets in Russia, on the 21st of May 1998 they were increased to 45% and 50%, respectively, and on the 29th of May 1998 - to 51% and 56%, respectively.

The overall amount of international reserves of Ukraine (monetary gold exclusive) as of late January was $2032.8 mln USD, as of late February 1998 it was $2,057.7 mln USD, as of late March -- $2489.9 mln USD, and as of late April $2,171 mln USD. The reserves in monetary gold (in mln troy ounces) were 0.0617, 0.0617, 0.0621, 0.0621 respectively.


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