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Growth of monetary base slows in January

The annualized month-on-month growth index of the monetary base (M0) was 107% last month, 7.6 percentage points less than in December, according to preliminary figures published by the National Bank of Hungary (MNB) on Monday.

The monetary base fell Ft 165.2 billion in January to Ft 2,239.8 billion. Of M0 components, the monthly average stock of current account deposits at monetary financial institutions rose Ft 5.9 billion to Ft 534.5 billion, and the stock of their overnight deposits fell Ft 67.6 billion to Ft 20.6 billion. The average stock of currency in circulation fell Ft 103.5 billion from December to Ft 1,684.7 billion in January.