BELARUS NEWS AND ANALYSIS

DATE:

11/09/2009

Belarusian broad money supply expands 12.2% in Jan-Aug

MINSK. Sept 11 (Interfax) - The broad money supply in Belarus expanded by 12.2% to 34.751 trillion Belarusian rubles in January-August 2009, the country's National Bank reported.

The broad money supply grew 1.3% in August after expanding 3.4% in July.

The increase in the money supply in January-May can be attributed to devaluation resulting from growth in the ruble equivalent of forex deposits combined with a reduction in the money supply in the national currency.

Cash in circulation (M0) equaled 3.514 trillion rubles as of September 1, 2009, down 1.1% in August and 8.4% in the eight months. M0 accounted for 10.1% of the broad money supply as of September 1 compared with 12.4% on January 1.

The M1 money supply (cash and immediate-access ruble deposits) rose 0.5% in August to 9.18 trillion rubles, but declined 14.3% in January- August. MI accounted for 26.4% of the money supply on September 1 versus 34.6% on January 1.

The ruble M2 aggregate (M1 plus ruble term deposits and securities) grew 2.1% in August, but contracted 12.2% in January-August to 18.035 trillion rubles. Its share of the money supply fell to 51.9% in the eight months from 66.3% at the start of 2009.

The M2 aggregate in the national definition (not including funds in ruble securities) rose 2.3% in August but contracted 13.8% in the eight months to 17.1 trillion rubles.

The broad money supply (M3 aggregate) rose 26.3% in 2008 and the ruble money supply (M2 aggregate) increased 22.5%.

The official exchange rate on September 11 was 2,791 Belarusian rubles/ $1.

Source:

http://www.interfax.com/3/516555/news.aspx

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