Money supply during crisis

At the peak of the crisis, in November of 2008, Ukrainians run for cash which rapidly increased currency to deposit  ratio (cr). The changing composition of broad money was responsible for drop in the money multiplier, m. At the same time, reserve-to-deposit ration remained relatively stable.

Interestingly, looking at broader definition of money (M2) which include foreign currency denominated checking deposits and all sorts of saving deposits shows much smoother picture:

My guess is that if we exclude dollar and euro denominated deposits, the second figure will be similar to the first figure. During the financial panic of Fall, 2008 people saw the local currency, hryvna, unstable and run to the banks to withdraw hryvnas and exchange them for dollars and euro.