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Ukrainian monetary market: January 2012 outcomes

This January was marked by deposit inflow, crediting decrease and reduction of credit rates.

In January, we observed a traditional decrease in business activity, which is typical for the top of the year, followed by a relevant slow down of the monetary and loan market dynamics. Meanwhile, against the decreasing cost of funds raised by banks and issued loans, retail deposits were growing.

The total credit exposure decreased by 0,8% - to UAH 787.2 bn. in January. At the same time, the balance of loans issued to individuals in the national currency and legal entities in the foreign currency increased (by 1.0%). The decline of interest rates was observed in January. Thus, the average weighted crediting rate in the foreign currency decreased to 15.6% (from 17,2% in December 2011),though it slightly increased in the foreign currency – up to 8.6% (from 8.4%).

In January, the weighted average cost of deposits in the national currency decreased to 10.3% (from 11.1%), but it also decreased to 4.8% (from 5.7%) in the foreign currency.

In the interbank credit market the weighted average cost of funds decreased to 4.7% (from 9.5% in December 2011) in January.

Within a month, the retail deposit funds increased by 2.4% - to UAH 314.7 bn. In addition, the national currency funds were growing faster (2.6%) than the foreign currency funds (2.1%). However, the lines of deposits of legal entities decreased by 5.2% - to UAH 172.2 bn. It resulted in an insignificant decrease of the total amount of deposits within the banking system (by 0.5% - to UAH 486.9 bn.). The reason was some reduction of funds in the national currency (by 1.1%) accompanied with a slight growth in the foreign currency (by 0.4%).

Reduction of deposit funds affected the dynamics of money stock which decreased by 1.5% - to UAH 675.0 bn. in January. Meanwhile, the monetary base decreased by 4.2% - to UAH 229.9 bn.

In January, the cash outside banks decreased (by 4.2% - to UAH 184.6 bn.), which is a traditional trend for the first month of the year.

During January the amount of governmental funds in the national currency accounts with the National Bank of Ukraine (NBU) increased by 2.1 times - to UAH 4.3 bn.

In January, funds on correspondent banking accounts decreased by 11.8% - to UAH 19.4 bn. The amount of required reserves established by banks in January totalled UAH 14.9 bn., including UAH 7.7 bn. transferred to the separate NBU’s account.

The volume of refinancing of banks by the NBU totalled UAH 3.0 bn. in January. The average weighted refinancing credit rate reached 9.3%. Meanwhile, the size of mobilization transactions totalled UAH 62.0 mln., and their average weighted interest rate reached 5.1%.

The National Bank of Ukraine purchased UAH 1.3 bn. Ukrainian public bonds (at a nominal fee) in the open market . No Ukrainian public bonds from the NBU’s portfolio were sold in January.

In January, the NBU sold and bought Ukrainian public bonds via bilateral quotations. Under this mechanism about UAH 0.9 bn. public bonds were purchased (at a nominal fee), and UAH 1.3 bn. public bonds were sold. In January, public bonds in the national and foreign currencies were placed at the primary auctions of placement of government domestic loan bonds (GDLBs). Following the auction results, the inflow to the state budget of Ukraine reached UAH 386.6 mln. (with the weighted average annual yield of 13.0%), in the foreign currency - USD 1.9 mln. (with the weighted average annual yield of 9.6%).

Extinction of obligations and income payments were made under GDLBs in a full and timely manner and totalled UAH 661.1 mln. including the principal debt of UAH 4.8 mln. and income payments of UAH 656.3 mln.