From now on the National Bank of Ukraine has to coordinate decisions on refinancing of banks in the form of stabilization credits and credits to support liquidity of banking institutions with an authorized representative of the Cabinet of Ministers.

It reads a joint ordinance of the Cabinet of Ministers and the National Bank of Ukraine “On order of refinancing the banks in the period of the world financial crisis”, approved at the Cabinet's sitting on January 29, government portal reported.

Under the instrument, if an authorized Gov’t member disagrees with a decision of the NBU Board on providing with stabilization credits for refinancing of banks, he should address to the Cabinet of Ministers of Ukraine, which within 5 days has to approve a final decision.

Pursuant to the ordinance, short term credits for refinancing of up to 14 day-term will not call for coordination.

The Government has appointed the First Vice Prime Minister Olexandr Turchynov as an authorized representative of the Cabinet of Ministers.
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