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Growth of monetary base up at annualized 9.4% in August

The annualized month-on-month growth index of the monetary base M0, derived from trend data, stood at 19.4% in August, up by 7.9 percentage points from July, the National Bank of Hungary (MNB) reported on Thursday. The central bank revised the July rise up from an earlier estimate of annualized 0.1% to 1.5%, the figures show. M0 growth accelerated for the first time since April. The monetary base rose by Ft 5.7 billion in August to Ft 2,085.5 billion, the bank reported. Of the components of the monetary base, the monthly average stock of currency in circulation rose by Ft 11.3 billion to Ft 1,581.1 billion, the monthly average of current account balances fell by Ft 7.1 billion to Ft 500.8 billion and the monthly average stock of overnight deposits of other monetary financial institutions rose by Ft 1.5 billion to Ft 3.6 billion.