Money supply in March 2017 grew by 1.3%, to UAH 1.074 trillion, according to the preliminary monetary and credit statistics posted on the website of the National Bank of Ukraine (NBU).

The NBU said that the pace was linked mainly to growth of deposits in the national currency by 3.4%, to UAH 429.71 billion.

Off-bank cash narrowed by 0.2% in March to UAH 290.92 billion.

Since early 2017, money supply in the country shrank by 2.6%, while cash fell by 7.5%.

The regulator said that deposits of the corporate sector in March 2017 grew by 3.7%, to UAH 357.03 billion, including by 4.7% in hryvnias, to UAH 228.03 billion. Average hryvnia deposit rate rose from 8.8% to 9.3%. Deposits of the corporate sector in foreign currency (in the U.S. dollar equivalent) last months rose by 2.4%, to $4.78 billion, while average rate fell from 3.6% to 3.2%.

Deposits on accounts of business almost returned to the amount recorded early 2017.

Deposits of the public grew more slowly in March. The hryvnia-pegged deposits grew by 1.9%, to UAH 201.67 billion with a slight decline in average deposit rate from 13.8% to 13.7%. In foreign currency it narrowed by 0.7%, to $8.28 billion with a fall of the rate from 4.3% to 3.8%. Total deposits of the public last month grew by 0.4%, to UAH 425.05 billion (1.1% down as of early 2017).

The increase of hryvnia-pegged credits issued to the corporate sector in March by 0.4%, to UAH 427.71 billion with a slight rise of the rate from 14.5% to 14.9% could reflect seasonal demand of companies in working capital.

Demand on credits grew with the public, along with the fall in their cost from 30.5% to 29.2% a month before. Credits issued to the public grew by 2.3%, to UAH 158.07 billion.

The portfolio of currency-pegged credits shrank both in the corporate sector and in the public sector – by 2% and 2.6%, to $14.08 billion and $2.96 billion respectively.

Since early 2017, the credit portfolio of the corporate sector narrowed by 3.6%, including a 0.3% fall in hryvnias, while the credits of the public totally fell by 1.2% with a rise of 4.9% for the credits pegged to the hryvnia.

The NBU also said that monetary base in March declined by 1.26%, to UAH 356.914 billion, net external reserves – by 7.71%, to UAH 162.771 billion, and debt of banks on refinancing credits – by 2.24%, to UAH 69.331 billion. Since early 2017, the indicators fell by 6.46%, 10.29% and 7.28% respectively.