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RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of April 21, 2016 No. 277

About approval of the Regulations on percentage policy of the National Bank of Ukraine

(as amended on 26-08-2021)

According to Articles 6, of 15, of 25, 27 and 56 Laws of Ukraine "About the National Bank of Ukraine", article 66 of the Law of Ukraine "About banks and banking activity", for the purpose of enhancement of means and methods of monetary policy of the National Bank of Ukraine regarding establishment by the National Bank of Ukraine of procedure for determination of discount rate and other interest rates for the transactions, the Board of the National Bank of Ukraine decides:

1. Approve Regulations on percentage policy of the National Bank of Ukraine which are applied.

2. Recognize invalid:

the resolution of Board of the National Bank of Ukraine of August 18, 2004 No. 389 "About approval of the Regulations on percentage policy of the National Bank of Ukraine", registered in the Ministry of Justice of Ukraine on September 2, 2004 at No. 1092/9691;

the resolution of Board of the National Bank of Ukraine of June 8, 2006 No. 210 "About modification of the Regulations on percentage policy of the National Bank of Ukraine", registered in the Ministry of Justice of Ukraine on June 15, 2006 for No. 710/12584;

the resolution of Board of the National Bank of Ukraine of July 21, 2009 No. 415 "About modification of some regulatory legal acts of the National Bank of Ukraine", registered in the Ministry of Justice of Ukraine on August 10, 2009 No. 752/16768;

the resolution of Board of the National Bank of Ukraine of August 27, 2009 No. 511 "About modification of some regulatory legal acts of the National Bank of Ukraine", registered in the Ministry of Justice of Ukraine on September 9, 2009 at No. 846/16862;

Item 3 of the resolution of Board of the National Bank of Ukraine of July 13, 2010 No. 327 "About approval of the Regulations on provision of stabilization loans by the National Bank of Ukraine to banks of Ukraine", registered in the Ministry of Justice of Ukraine on July 19, 2010 on No. 540/17835.

3. To department of the public markets (Ponomarenko S. V.) to bring contents of this resolution to the attention of banks of Ukraine for use in work.

4. The resolution becomes effective from the date of, its official publication following behind day.

5. I reserve control over the implementation of this resolution.

Chairman

V. A. Hontareva

Approved by the Resolution of Board of the National Bank of Ukraine of April 21, 2016 No. 277

Regulations on percentage policy of the National Bank of Ukraine

I. General provisions

1. This Provision is drafted according to Articles 15, of 25, 27 and 56 Laws of Ukraine "About the National Bank of Ukraine", article 66 of the Law "About Banks and Banking Activity" and establishes procedure for determination by the National Bank of Ukraine (further - National Bank) discount (key) rate and other interest rates for the transactions.

2. The term "percentage policy of National Bank" in this Provision is used in such value - establishment and application by National Bank of discount (key) interest rate and other interest rates on its transactions for the purpose of monetary policy goal achievement.

Other terms and concepts used in this Provision are applied in the values determined by the Laws of Ukraine "About the National Bank of Ukraine", "About banks and banking activity" and regulatory legal acts of National Bank.

3. Main goal of percentage policy of National Bank is ensuring price stability in the medium term.

4. Tasks of percentage policy of National Bank are:

1) achievement of the operational purpose of percentage policy of National Bank specified in the Section II of this provision by determination of interest rates for instruments of regulation of liquidity of banks;

2) strengthening of effectiveness of the percentage channel of the transmission mechanism of monetary policy through establishment of interest rates for operations of National Bank which are performed for the purpose of development of the financial markets that promotes ensuring influence of change of short-term interest rate of the interbank market on the cost of average and long-term financial resources.

5. The National Bank for the purpose of realization of percentage policy establishes the following interest rates:

1) accounting (key);

2) on tools of continuous access of National Bank;

3) on the main transactions of National Bank on regulation of liquidity of banks (further - the main transactions of National Bank);

4) on other tools of National Bank on regulation of liquidity of banks;

5) on swap transactions of interest rate of National Bank.

II. Operational purpose of percentage policy of National Bank

6. The operational purpose of percentage policy of National Bank consists in deduction of short-term hryvnia interbank rates at the level close to the level of discount (key) rate, within corridor of interest rates for tools of continuous access.

7. The indicator of cost of short-term hryvnia resources in the interbank market of Ukraine for the purposes of percentage policy is the Ukrainian index of interbank rates overnight (further - UONIA).

8. The National Bank perfroms calculation and will promulgate UONIA value for the corresponding working day, and also complete archive of UONIA values since the moment of the beginning of its calculation on the page of official Internet representative office of National Bank.

III. Discount (key) rate of National Bank

9. The discount (key) rate of National Bank (further - discount rate) is applied in the value determined by the Law of Ukraine "About the National Bank of Ukraine" and is the main instrument of monetary policy by means of which the National Bank achieves it the objectives. Discount rate is the main indicator of changes in monetary policy.

10. Discount rate is established on the basis of prepared by National Bank of the complex analysis and forecast of macroeconomic, monetary and financial development.

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