Monetary base falls by 2.6% m/m to HUF 2,563.5bn as of end-November. The monetary base fell by 2.6% m/m (HUF 68.9bn) to HUF 2,563.5bn as of end-November, the preliminary data of the central bank revealed. The drop was entirely triggered by the monthly average stock of other monetary financial institutions’ overnight deposits, which after the temporary strong increase in the previous month decreased by HUF 91.5bn to HUF 8.3bn. On the other hand, currency in circulation grew by HUF 22.6bn m/m and accounted for 75.6% of the monetary base as of end-November. The third component, the stock of MFIs’ current account balances, remained largely unchanged m/m. Thus the monetary base annualised m/m growth was 5.4% y/y in November, accelerating from 2.4% y/y in October. The NBH added that the net position of the government improved by HUF 25.3bn in November on the back of HUF 4.8bn drop in the stock of loans outstanding and HUF 20.5bn rise in the deposits of the sub-sector.