National Bank of Ukraine is determined to fulfill its primary constitutional function - to ensure the stability of monetary unit, for which intends to conduct monetary policy to a more stringent scenario than provided in the program stand by, supported by the International Monetary Fund, said First Deputy Chairman NBU Anatoly Shapovalov agency Interfax-Ukraine.
According to him, the NBU Board at a meeting on Thursday decided that, based on evolving economic and monetary-credit market situation, an acceptable benchmark rate of growth of monetary base for 2009 should be 6%, as determined by the Basic Principles on the monetary and credit policy.
Shapovalov stressed that this decision was taken despite the fact that the criterion of efficiency for the upper limit of the monetary base of the stand-bye in theory, allows the National Bank to exercise much greater expansion of base money.
Monetary test the effectiveness of the Stand-bye defines the upper limit value of the monetary base. However, this does not mean that this limit will certainly be achieved - Shapovalov explained, noting that the amount of money in circulation must be in First of all, an adequate situation in the economy and the monetary market.
He recalled that the National Bank had earlier taken several measures to strengthen monetary policy, among which he highlighted the increase in mid-July, interest rates on certificates of deposit, as well as the increasing demands from August to form the banks reserves.
Shapovalov also reported that at a meeting on Thursday, the NBU Board approved additional measures to ensure the stability of the currency and banking system of Ukraine. According to him, they are divided into four groups: to ensure stability of monetary unit, the timeliness of fulfilling commitments to customers of banks, bank recapitalization program and the revitalization of the activities of investment banks.
Among these additional measures A. Shapovalov, in particular, singled out: the completion of dokapitalizatsii banks addressing the implementation of the commitments of banks to the public, preparation of the Government to establish sanitation bank preparing proposals for the introduction of restrictions on lending in foreign currency and introduction of new tools work in the foreign exchange market.
First Deputy Chairman of the National Bank of Ukraine expressed confidence that the implementation of these and other stabilization measures will enable National Bank to ensure the stability of the currency and banking system, which is a key condition for overcoming the crisis in the economy and the resumption of steady economic growth.
It was reported that the monetary base in Ukraine for the first half rose by 1.1% - up to UAH 188.7 billion.
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