At a meeting of the Board of the National Bank of Ukraine, which took place on October 26, it was decided to reduce the discount rate from 20% to 16%. This decision was announced at the NBU briefing.
The discount rate is now responsible for deposit certificates overnight.
"Thus, the National Bank modernizes its operational design of monetary policy under the lower limit system," explained the Chairman of the Board of the National Bank Andrei Pyshny.
NBU operations with banks are set as follows:
The rate of three -month deposit certificates will be equal to the “discount rate + 4 pp” (20%).
Credit refinancing rate will be “discount rate + 6 pp” (22%).
In fact, the levels of NBU operations with banks will remain unchanged.
The regulator explained that the modernization of operating design of monetary policy will enhance the signaling role of the discount rate in the conditions of structural excess liquidity. This, in particular, will allow the National Bank to maintain short -term hryvnia interbank rates close to the discount rate.
