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The broad money supply in Belarus expanded by 26.3% in 2008 to 30.961 trillion Belarusian rubles (Br), the country's National Bank reported.

In the month of December the broad money supply increased 8%, following declines of 1.9% in November and 2.4% in October. The increase in December was mainly the result of massive budget spending, which partly went to recapitalize the state banks.

Cash in circulation (M0) declined 7.2% in December but increased 15.4% in the full year to 3.836 trillion Br. M0 accounted for 12.4% of the broad money supply as of January 1, 2009, down from 13.6% a year earlier.

The M1 money supply (cash and immediate-access ruble deposits) rose 13.5% in December and 22.6% for the full year to 10.719 trillion Br, or 34.6% of the broad money supply, compared to 35.7% at the beginning of 2008.

The ruble M2* aggregate (M1 plus ruble term deposits and securities) rose 6.8% in December and 22.5% in the full year to 20.542 trillion Br.

The M2 aggregate in the national definition (not including funds in ruble securities) grew 8% in December and 26% in the year to 19.836 trillion Br. It accounted for 66.3% of the broad money supply as of January 1, 2009, down from 68.4% a year earlier.

Bank deposits in foreign currency equaled 10.204 trillion Br on January 1, 2009, an increase of 10.4% in December and 33% for the full year. Foreign currency deposits accounted for 33% of the broad money supply at the beginning of the year, up from 31.3% a year earlier.

In 2008 the National Bank allowed the broad money supply (M3 aggregate and M2* aggregate) to increase 33%-37%.

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