Reduce the National Bank of Ukraine (NBU), the discount rate to 10.25% will not have a tangible impact on the country's banking sector, the respondents believe the agency Interfax-Ukraine experts.

In general, lowering the discount rate is not accompanied by a decline in the value of the resource, so the actual result for the economy that does not yield - said the head of analytical department investgruppy TASK Andrew Shevchishin.

According to him, the news on the reduction rate would be neutral for the market, since most influence on public financial institutions.

As reported, the NBU decided to reduce from 12 August, the discount rate from 11% to 10.25%.

Discount Rate NBU is only indicative and is not as effective tool of monetary policy, as in the United States and Europe. Her little impact on the changing dynamics of Interbank and generally to the banking system. A more effective lever for change is the cost of refinancing for banks. Most likely, the National Bank within one to two days to reduce it as much as it did in June , - experts believe one of the banks in the Russian capital.

Advisor to Chairman of the Board Ukrgasbank Okhrimenko Alexander also noted that the banking market is more important than the NBU discount rate and rates on loans overnight, which provides the central bank to maintain the liquidity of the banking sector.

According to an expert, just following the lowering of rates on loans overnight NBU will be judged on a possible decline in value of money in the banking sector.

This was divided and the chief of analytical department of Ukrainian stock center Vladimir Landa. He said that the market has already responded to reduce the cost of the National Bank refinancing, which is often the next step, after lowering the discount rate.

Experts

Treasury bank with Russian roots, in turn, believe that even such a move would have minimal impact on the resource market, since currently interbank loans is much cheaper than getting financial assistance from the regulator.

If the cost of one-day interbank loans in the past three months is within the limits of 0,5-3,0% per annum, it is overnight in the NBU is finuchrezhdeniyam or 16% (secured), or 18% per annum (in blank form of the loan), - explained the agency in the bank. Click to continue »

International Monetary Fund (IMF) predicts no deterioration of the economic situation in Ukraine in 2009, told the Permanent Representative of IMF in Ukraine Max Aler.

The world economy has already reached the bottom of the crisis ... As for Ukraine, we can not predict the deterioration of the situation. I am in Ukraine recently may not yet be fully acquainted with all the trends and therefore do not understand the talk about a new wave of crisis. Of course, we do not expect the economic boom and rapid recovery. But I do not see any reason to talk about the second wave of the crisis - he said in an interview with Kommersant Ukraine.

This Aler noted that in 2010, the Fund predicts growth of economy of Ukraine at the level of 3%, which, combined with new sources of revenue, will improve the budgetary situation.

After the increase in the price of gas will decrease support Naftogaz Ukraine . And raising excise taxes, which we have already said, will give more results than this, and the next year. In addition, the expected increase in tax collection ... As the stabilization of the situation in the banking system of financing the economy will recover - and companies can not only fulfill the current tax liabilities and pay tax debts for past periods, - said the Permanent Representative of IMF in Ukraine.

But he stressed that the draft state budget-2010 should be based on realistic economic projections. We believe that the government planned for 2010 a deficit of 4% of GDP - is justified. In view of privatization, the Cabinet will be able to support the level of social benefits ... It is very important to protect the social budget, in addition, it is necessary to reserve resources for investment in infrastructure, -- he added.

According to him, the IMF believes that this is not the time to change the Budget Code: 2010 state budget should be developed on the same principles as in previous budgets.

Fiscal decentralization, which may arise as a result of the Budget Code - is a tool that should be used very carefully in order not to upset the macroeconomic stability ... The government is in a very difficult situation, and should not be allowed to income has been transferred to the field , while the central government were left alone obligations , - he explained.

Aler also recalled that the expected increase in gas prices by 20% in September 2009 for the population, and in October - for teplogeneriruyuschih companies.

Now there is a huge difference between import prices and purchasing prices of sale of gas within the country, creating inefficient use of gas. The current system of subsidies does not help the poorest people, and major consumers of gas. If you're using gas to heat a small apartment and cook , the gas will be small - and a lot of the grant you will not save. The other case, if you need to heat a large house with a pool, - he explained the desirability of such a step.

We believe that as the normalization of the situation of Naftogaz Ukrainy , after he begins to receive payment of the tariff increase and to fulfill their obligations to the European Commission, the World Bank and EBRD, the NAC will be able to pay loans Oschadbank, - added Aler. Click to continue »

 
  
 
 
  11.08.09 12:50 ;
  Today, the Russian stock market opened with a small «gepom» up. By 12.30 Moscow time the MICEX index rose by 0.97% and reached 1111.88 item, RTS index in the black at 0.74% at 1073.06 points. On FORTS the September futures on the RTS index rose 1.37% to 107,100 items. «Over the last 5 days the market is traded in the range 1070 - 1120 points on the MICEX index. The movement to break out of this range can be very sharp », - believes Ivan Polikanov, chief economist of the management of trust operations, the Treasury Gazenergoprombank. It appears that continued growth in the Russian market terms required a simultaneous rise in the foreign commodity and stock markets, while any less unique situation could create a bulls significant problem, say analysts.

According to expert opinion, pending the outcome of financial reporting by MTS US GAAP for the II quarter of 2009 will increase the volatility of today shares. Now the paper issuer in the growth of leaders and added 2.93%. As good as the black traded «metallurgists»: «Severstal» (2,56%), CMI (2.12%), NLMK (1.27%).

European site is also traded in the positive territory. FTSE Index rising to 0.43% at 4,742.53 point, the index DAX adds to date 0.61% at 5,450.99 point, the index CAC 40 - 3527.54 points (0.66%). By 12.30 Moscow time ADRs in the Russian equities in London (in dollars per share) as follows: Company - 49.77, «NorNikel» - 107.4, «Rosneft» - 6.43, «Rostelecom» - 5.083, Gazprom - 5.388.

SP futures rising to 0.27% and is at the level of 1010.2 points.

By 12:30 Moscow time the euro /dollar is at a level of 1.416. «From the perspective of long-term perspective, the main trend of the currency pair quotation EUR /USD seems to continue to« bear ». Asian money that seems to reinforce their influence on the processes developing in the financial sector may be in the coming weeks to pass a European investment segment with its growing tensions between the public administration and banks », - noted Alexander Osin, chief economist of the Criminal Code Finam Management . Click to continue »