National Bank has reached an agreement with Washington on a stable course

During the talks with the International Monetary Fund leadership of the National Bank has agreed on steps to liberalize the foreign exchange market: NBU intends to create conditions for the emergence of so-called. currency swaps - the possibilities for banks to convert their currency into the hryvnia by the central bank. According to experts, the emergence of currency swaps lead to lower lending rates. The new leadership of the central bank embarked on a solution to the problem which arose from the banks after the ban on foreign currency lending. Because of high inflation and economic risks of hryvnia rate loans for a long time will remain higher than those for foreign currency. However, the banks, especially foreign capital, now can not extradite people and businesses who do not have foreign currency receipts, loans in foreign money. To solve this problem is going to the National Bank through a mechanism called swaps - transactions, allowing commercial banks, with foreign exchange reserves, contact the National Bank for the conversion of the existing currency hryvnia. In fact, performing this operation, the National Bank temporarily acquires currency from banks so that they were able to lend more in local currency. Upon the expiry of the swap, the reverse exchange - NBU returns to the bank currency, and the man - the hryvnia. While in Washington, head of the NBU Sergei Arbuzov discussed with experts from the International Monetary Fund, the introduction of technology swap operations in Ukraine and mechanisms to protect the NBU exchange rate risks, to avoid speculation on the course and the situation where banks will return the NBU currency exchange rate lower than the prevailing on the market. According to the President of the Ukrainian Analytical Center Alexander Okhrimenko, this requires the emergence of the market of currency forwards and futures - exchange contracts between banks on foreign exchange transactions (the definition of course) that will occur in the future. Such contracts will forecast the exchange rate on 05.03.1912 months ahead. "When Stelmakh undeveloped currency market no one paid attention, because this earned, - said Alexander Okhrimenko. - If now the IMF and the NBU will be able to solve this problem in the complex, you can expect a more stable exchange rate and to reduce lending rates - the so- as banks significantly increase their ability to extend credit. " Details on materials