Belarusian broad money supply up 20% in 9 mths
MINSK. Oct 13 (Interfax) - Belarusian broad money supply grew 20.2% in the first nine months of 2010 to 45.796 trillion Belarusian rubles, the National Bank of Belarus told Interfax.
In September, the money supply increased by 2.6% after growing 0.5% in August.
The increase in the money supply in the nine months can be attributed to growth in the volume of fixed-term ruble deposits and equivalent forex deposits, an increase in cash supply and bank debt security issues. A drop in corporate current accounts in national currency held back money supply growth.
Total cash money supply in circulation (M0) came to 4.759 trillion rubles as of October 1, 2010, up 2.7% during September. In the first nine months of 2010, M0 increased by 30.5% and rose to 10.4% of total money supply against 9.6% on January 1, 2010.
M1 grew 6.1% in the nine months and 0.4% in September to 12.032 trillion rubles, with ruble deposits falling 5.5% and 1.1% to 7.273 trillion rubles. M1 fell to 26.3% of broad money supply as of oct1, from 29.8% on January 1.
M2 rose 23.1% in the 9M and 1.7% in September to 25.537 trillion rubles and came to 56.4% of broad supply as of October 1, up from 54.4% on January 1.
Based on the GDP growth forecast for 2010 (11%-13%), the National Bank projects money supply growth in broad definition at 34%-42% for the year. For ruble-based money supply, the increase is put at 35%-42%.