The monetary base (M0) rose by an annualized month-on-month rate of 13.7% in March, 1 percentage point more than in February, according to preliminary figures published by the National Bank of Hungary (MNB) on Wednesday.
The monetary base rose Ft 205.4 billion in March to Ft 2,448.8 billion. Of M0 components, the monthly average stock of current account deposits at monetary financial institutions fell Ft 1.2 billion to Ft 555.7 billion, and the average stock of their overnight deposits rose Ft 161.1 billion to Ft 168.6 billion. The central bank explained the increase with the temporary liquidity management problems of commercial banks and stressed that it should not be considered as lasting trend. The average stock of currency in circulation increased by Ft 45.5 billion from February to Ft 1,724.6 billion in March.