Broad money supply (M3) growth slowed to 13.0% y/y in October from 13.5% in September, according to figures reported by the central bank today. Nevertheless, that was much faster than earlier in the year. Growth of the narrower monetary aggregate M1 slowed to 34.0% y/y from 38.2%, and growth of cash in circulation (M0) slowed to 36.8% from to 40.5%.
The broad M3 aggregate growth slowed on the back of FX deposit growth by 4.3% y/y in October, which was a bit slower than 4.9% in September. BYN deposits of both firms and households, although growing y/y, shrank m/m at the expense of time deposits, while the volume of corporate transferable deposits increased slightly.