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of July 15, 2014 No. 417

On regulation of the monetary market

Having analysed dynamics of macroeconomic and monetary indicators in January - June, 2014, the Board of the National Bank of Ukraine notes acceleration of inflation in Ukraine - the surplus of consumer price index in annual measurement in June, 2014 increased to % 12,0 in comparison with % 0,5 in January. The specified revival of price dynamics was expected, considering drop in the exchange rate of hryvnia, the beginning of the economic reforms connected with increase in administratively regulated prices and rates and the proceeding tension in the east of Ukraine.

Growth of overall price level was considered when processing the program of stabilization which is supported by the International Monetary Fund within the new Stend-bay program. The separate actions provided by it can put certain pressure upon consumer prices during the certain period of time. However ultimate goal of the program of reforms is forming of reliable basis for sustained economic growth and stable work of financial system that will act as guarantee of ensuring price stability in the state in the medium term.

Despite growth of inflation rates in the monetary market the separate positive signs testimonial of gradual improvement of market expectations which in present conditions are one of key factors of stability of national monetary unit of Ukraine are observed.

About the specified shifts, in particular, witnesses domination within the last three months of the net offer of foreign cash in the foreign exchange market of Ukraine. In general its amount in the II quarter 2014 made 0, 5 billion US dollars in comparison with net demand for it in amount 1, of 8 bln. dollars of the USA in the I quarter. It promoted balancing of work of the interbank foreign exchange market.

About improvement of market expectations also witnesses surplus in June of the total amount of deposits of the population in national currency on % 3,3, or on one billion 7,1.

The board of the National Bank of Ukraine is in a forceful mood to provide accomplishment of legislatively certain priority of activities of the National Bank of Ukraine concerning achievement and maintenance of price stability in the medium term. Considering the aforesaid, the macroeconomic forecast and the current inflation risks, acceptance of additional measures for increase in internal cost of hryvnia through application of percentage leverage is necessary so far.

The aforesaid together with other stabilization measures of the National Bank of Ukraine and government of Ukraine supported by credit resources of the international community will promote improvement of resource base of banks, environments of the monetary market of Ukraine and expectations of his participants. It in turn will strengthen bases for recovery of economic growth and stable functioning of financial system.

Considering the above, according to articles 6 and 25 of the Law of Ukraine "About the National Bank of Ukraine", the Regulations on percentage policy of the National Bank of Ukraine approved by the resolution of Board of the National Bank of Ukraine of August 18, 2004 No. 389 (with changes), the Board of the National Bank of Ukraine decides:

1. Establish since July 17, 2014 discount rate in the amount of % per annum 12,5.

2. To general department of monetary policy (Scherbakova A. A.):

bring contents of this resolution to the attention of structural divisions of central office, territorial administrations of the National Bank of Ukraine and banks of Ukraine for use in work;

to react quickly to changes of situation in the monetary market by introduction of offers on installation at appropriate level of interest rates for active and passive transactions of the National Bank of Ukraine.

3. Declare invalid since July 17, 2014 the resolution of Board of the National Bank of Ukraine of April 14, 2014 No. 212 "On regulation of the monetary market".

4. To impose control over the implementation of this resolution on the vice-chairman of the National Bank of Ukraine Prikhodko B. V.


V. A. Hontareva


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