The National Bank of Ukraine (NBU) has published its monthly report on the main trends of monetary market in Ukraine during September 2013.

Banking experts familiar with the brief unanimously agree that despite the continuing downturn in industrial production the banking system has stepped up lending and grown its deposit base.
As of late September, the balance of deposits is up 2% from the previous month (up by 12.8 billion UAH). The deposit base is up 13% since the start of 2013, the Information-analytical Bulletin of the Cabinet of Ministers of Ukraine reads.

Despite apocalyptical predictions about the hryvnia s imminent collapse, namely hryvnia deposit balances showed the largest growth. They are actually up by 10.2 billion UAH, whereas foreign currency deposits are up by 2.5 billion UAH.

Even more significant is the growth of deposit balances in hryvnia since the beginning of 2013. They are up by 72.5 billion UAH, or by over 22.7%. Whereas the deposit balances in foreign currencies in UAH equivalent has increased by only 1.4 billion UAH, or 0.6%.

Experts say ordinary citizens never believed horror stories circulated in media about the imminent hryvnia default and devaluation. This is indicated by the fact that since the beginning of 2013 personal deposits grew by 54.8 billion UAH, or by almost 30%. At the same time, deposits in foreign currencies grew by only 2.5%, or 4.5 billion UAH. Experts also not more than 36% of the growth occurred in September, when the most panicky rumors spread of an imminent hryvnia devaluation.

According to banking market analysts, growth in deposit balances translates into increased lending.

Total lending in September is up by 13.4 billion UAH. Experts emphasize that the lending growth accelerated last month, the volumes increased (+1.6%), which is the most significant monthly growth since the end of 2008.

Experts note the fact that lending in September rose mainly due to legal entities (up 12.9 billion UAH, or 2%). The lending in national currency is up by 14 billion UAH, whereas outstanding loans in foreign currencies had a fall by equivalent of 0.6 billion UAH. This reduction of foreign currencies arrears is driven by repayment of currency loans by individuals. 

Over the past month, they have reduced their debt in foreign currencies to banks by 1.6 billion. 


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