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Monetary base grows faster in December 2006

Hungary's monetary base rose by Ft 174.4 billion to Ft 2,737.8 billion in December 2006 after a Ft 68.9 billion fall in the preceding month, preliminary figures published by the National Bank of Hungary (NBH) on Friday show.

The annualised month-on-month growth index of the monetary base stood at 105.8% in December 2006, up 2.6 percentage points from November. Of the components of the monetary base, currency in circulation rose by Ft 102.2 billion to Ft 2,039 billion, in line with the usual year-end patterns.

The monthly average stock of current account deposits stayed roughly unchanged from October at Ft 617.6 billion and the average stock of overnight deposits rose Ft 73 billion to Ft 81.3 billion, following a big fall in the previous month. (Mti-Eco)