The National Bank immediately reduced the discount rate by 4%
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On January 26, the Board of the National Bank decided to reduce the discount rate from 20% to 16%.
This became known from the NBU briefing.
The accounting rate will be equalized with the overnight deposit certificate rate.
“In this way, the National Bank modernizes its operational design of monetary policy according to the “lower limit” system,” explained Andriy Pishniy, chairman of the board of the National Bank.
Rates for other operations of the NBU with banks are set as follows:
- the rate for three-month deposit certificates will be equal to the “accounting rate + 4 percentage points.” (20%);
- for refinancing loans – “accounting rate + 6 percentage points.” (22%).
In fact, the interest rates for NBU operations with banks will remain unchanged.
The regulator explained that the modernization of the operational design of the monetary policy will strengthen the signaling role of the discount rate in conditions of structural liquidity surplus. This, in particular, will enable the National Bank to keep short-term hryvnia interbank rates close to the discount rate.
“As a result, the ability of the NBU to influence the expectations of economic agents and the motives of their economic behavior will increase.
Keeping the rates unchanged for the operations of the NBU with banks is currently consistent with the need to maintain the attractiveness of hryvnia instruments, which is important for ensuring moderate inflation and exchange rate stability over the forecast horizon,” Pyshnyi added.
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