Table 3

Ukraine - Changes in Monetary Aggregates, 1989-1996
(End of Quarter, Billions of KBV)

Period Currency in Circulation Demand Deposits Time Deposits Foreign Currency Deposits M1 (Narrow Money) % Chg. M2 (Broad Money) % Chg. M3
(M2 plus FCD)		 % Cng.
1989 17.2 61.8 34.4 n.a. 79 n.a. 13.4 n.a. 13.4 n.a.
1990 17.4 76.2 37.1 n.a. 93.6 18.5 130.7 15.3 130.7 15.3
1991-4Q 33.8 142.1 87.2 0.1 175.9 n.a. 263.1 n.a. 263.2 n.a.
1992-1Q 60.8 201.4 113.4 0.1 262.2 49.1 375.6 42.7 375.7 59.1
2Q 168.6 443.7 152.7 8.1 612.3 133.5 765 103.7 773.1 105
3Q 343.2 654 206.1 59.6 997.2 62.9 1203.3 50.1 1262.9 56.3
4Q 647.4 1538.8 316.1 183 2186.2 119.2 2502.3 107.9 2685.3 108
1993-1Q 896 2956 710 895 3852 76.2 4562 82.3 5457 118.1
2Q 1710 4790 1377 3325 6500 68.7 7957 74.4 11282 106.7
3Q 5246 17567 3257 4933 22813 250.9 26070 227.6 31003 174.8
4Q 12790 20814 4423 9177 33604 47.3 38027 45.9 47204 52.3
1994-1Q 23615 24391 7479 11282 48006 42.9 55485 45.9 66767 41.4
2Q 34066 43279 16737 14634 77345 61.1 94082 69.6 108716 62.8
3Q 52541 84443 24001 25318 136984 77.1 160985 71.1 186303 71.4
4Q 79104 107030 30272 99059 186134 35.9 216406 34.4 315465 69.3
1995-1Q 113444 112744 41957 125390 226188 21.5 268145 23.9 393535 24.7
2Q 178241 164666 42541 145985 342907 51.6 385448 43.7 531433 35
3Q 223527 196117 44757 174231 419644 22.4 464401 20.5 638632 20.2
4Q 262330 205859 58741 157703 468189 11.6 526930 13.5 684633 7.2
1996-1Q 280007 207411 68798 152402 487418 4.1 556216 5.6 708618 3.5
2Q 332400 203401 71854 144578 535801 9.9 607655 9.2 752233 6.2
3Q 333000 212900 76100 137200 545900 1.9 622000 2.4 759200 0.9
4Q 333020 229348 98780 131118 562368 3 661148 6.3 792266 4.4

Note: Ukrainian definitions of monetary aggregates largely correspond to the usual conventions:

M1 = Currency in Circulation + Demand Deposits
M2 = M1 + Time Deposits
M3 = M2 + Foreign Currency Deposits

Sources: Marcin Luczynski and Volodymyr Husak, "Ukraine in Numbers," Ukrainian Legal and Economic Bulletin (October 1996; December 1996; March 1997), Table 8.The data for 1989 and 1990 are from IMF (1993), Table A21, p. 65.