17 June 2004 21:41
Capital outflow brings monetary base down 6.9% in 3 mths
MOSCOW. June 17 (Interfax) - The broad monetary base according to the Central Bank of Russia fell 6.9% or 138.6
billion rubles to 1.8695 trillion rubles between March and May in a trend the Interfax Center for Economic Analysis
attributed to the withdrawal of capital that entered the country at the start of the year.
The broad definition monetary base fell 1.3% in May, the CB said on its web-site. It was 1.894 trillion rubles at the
start of that month.
The monetary base increased by 93.8 billion rubles in January- February. It fell 2.3% during the first five months of
the year, from 1.914 trillion rubles on January 1, the CB said.
The fairly rapid reduction of the monetary base between March and May was one of the factors that contributed to the
tension seen on the money market in June, said Mikhail Matovnikov, head of bank ratings at the Interfax Rating Agency.
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