The National Bank downed the basic refinancing rate by 1 pp to 16% annual, the NBU statement reads, Ukrainian radio reported.

"The interest rate corresponding to trends taking place on the money and credit market makes up 16% annual", the statement reads. This rate will be used as the basic rate in operations on refinancing the banks. As it was reported, in July, the National Bank stated that considers the 17% annual rate as the basic rate for refinancing the banks.

The National Bank set for Thursday, September 3, 2009, the overnight rate at 15.5% annual, having preserved it in crediting under security of state bonds. On August 21, the National Bank decided to establish the rate on unsecured credits overnight at the level that is no less than the discount rate + 5 pp. The NBU downed the discount rate by 0.75 pp to 10.25% since August 12.


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