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Saturday, March 24, 2018

National Bank of Ukraine responds to speculation on money supply

The National Bank of Ukraine (NBU) responded Monday to Ukrainian media talk regarding the amount of money that is available and is being issued.

NBU said the information that has been published is misleading. It said the monetary base for the country amounts to $21.8 billion as of Thursday. This amount has accumulated since the country gained independence. The bank stressed that the creation and issuance of cash is strictly regulated and that the conversion between cash and credit has no effect on the total amount of money in the system.

When cash is taken out of circulation, it goes into credit supplies, and to add cash, it is taken from these supplies of noncash funds.

The bank also said the month-to-month data is available on the bank's website. NBU said the base amount of funds includes cash and credit vaults in commercial banks and cash held by private citizens outside of the banking system.

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National Bank of Ukraine

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