How to protect the national currency from falling and to ensure the stability of the banking system? National Bank of Ukraine announced its plan of action. They are designed to keep inflation and the rate of hryvnia to the given framework, as well as to help ailing banks to survive the difficult times.

17 steps crisis

National Bank of Ukraine on 11 August issued a plan of the 17 additional measures to ensure the stability of hryvnia and the banking system. It aims to improve the effectiveness of the NBU in terms of economic and financial crisis.

in terms of its regulator has identified four main areas of work: support to the national currency, the protection of depositors' problem banks, improvement of patients finuchrezhdeny, as well as the restoration of credit the Ukrainian economy.

Inflation landmark

To protect the hryvnia National Bank plans to hold price increases within 13% (by December of last year). In NBU have reason for optimism: in July, consumer prices in the country declined by 0.1%. However, the inflation rate for January-July amounted to 8,5%, as compared to July 2008 last month, prices increased by 15,5%.

В августе и сентябре инфляция будет нулевой из-за сезонного снижения цен на продукты питания, надеются чиновники из НБУ. There is cautious optimism of hope that we are in August, will have stable prices, with little food deflation. If and inflation, it certainly will be measured by the level of statistical error - ten (per cent), - said on Wednesday, August 12 , Chief Adviser to the Head of Group of National Bank of Ukraine Valery Litvitsky.

As inflationary pressures on the economy declined in the NBU decided to reduce from 11% to 10.25% discount rate, ie the percentage by which central bank lends money to commercial banks.

However, Ukraine is waiting for the autumn series of inflationary risks. The increase in prices may occur due to подорожания utilities, in particular, scheduled for September-October increase in the cost of gas for the population and teplokommunenergo. If the dollar rises, automatically went all imports, including oil and oil products, most of which Ukraine imports from abroad.

Hold U.S.

Course

American currency already Breaks ceiling of 8 hryvnia to the dollar. August 13, bidding on the interbank exchange culminated in a range 8,342-8,3575 hryvnia to the dollar. In exchange for U.S. currency bought 8.3 hryvnia, and sold for 8.4.

order to prevent further devaluation of hryvnia, the National Bank intends to take some additional measures. Since September, the difference (margin) between the rates of buying and selling rate of exchange currency in the Ukrainian bank should be no more than 2%. That is 16-17 cents at current rates.

With this step, the regulator hoped to curb speculators. Bankers say that the introduction of the margin would only be worse. In a stable environment for the banks' margin of 2% when buying and selling of cash - more than sufficient. But after the imposition of restrictions on banks, or will hide the dollar and the euro, or will take commission for exchange operations.

to the banks was not extra money for speculation in the foreign exchange market, the regulator in August, would require at least 40% of the amount of mandatory bank reserves stored in a separate account at National Bank. Click to continue »

On Thursday, the domestic stock market opens growth, which contributed to a positive external background, but in the afternoon indexes have been weakened position after the publication of a weak U.S. statistics. Nevertheless, on the basis of bidding RTS index gained 2.87% on the MICEX index rose by 1.30%.

Shares of oil companies were slightly worse than the market due to the correction in oil prices in the second half of the day: Gazprom (0,8%), Rosneft (0.4%), LUKOIL (0.3%). Papers of domestic banks in price in the market trends: Sberbank (0.7%), VTB (1.2%). Shares of steel companies look better than the market against the background of preserving the positive conditions in the steel market: CMI (5.0%), NLMK (1.0%), Severstal (3.2%).

On Thursday U.S. stock indexes opened decrease against the background of negative statistical data on retail sales and employment in the United States, but the publication of strong corporate reports encouraged investors, and the indices closed down, adding an average of 0.5%. In Asian markets today, there has been mostly positive momentum, high-demand stock steel companies. Oil prices have shown an increase. Price barrel of oil brand Brent exceeds $ 74.

According to our estimates, this morning's positive background for the Russian stock market. Growing demand for shares of the financial sector will likely contribute to the positive dynamics of quotations of securities of domestic banks. The growth of the capitalization of Asian steel companies could make a driver for growth in demand for shares of Russian metallurgy. From the statistics today, we recommend that you draw attention to the publication of data on inflation in the Eurozone and the United States, will also be published volume of industrial production in America.

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