Yesterday, May 21 head of the National Bank of Ukraine Serhiy Arbuzov and representatives of IMF European department held a working meeting, ForUm learned from the press office of NBU. During the meeting NBU governor noted that cooperation with IMF remains a strategic task for Ukraine and focused on the progress Ukraine has achieved in the realization of the complex reform strategy, initiated by the President of Ukraine.

Arbuzov pointed out the results, reached for 2011 and the first four months of 2012. According to the official, for this period Ukraine has reached progress in macroeconomic sphere, in particular reduction of inflation. "Annual core inflation has been dropping for eight months now and makes 4.7%. Inflation expectations of enterprises have reached the minimal level for the last six years. The gross domestic product keeps growing: +4.2% in 2010, +5.2% in 2011 and +1.8% for the first four months of 2012," Arbuzov noted.

NBU governor also stated that the currency exchange rate remains stable, and the participation interest of the National Bank on the currency market makes 1.6% from the year beginning. "Ukraine's state debt fell to 36% of GDP from 39.9% as of early 2012. There is also certain improvement of the balance of payment condition seen - in March 2012 it returned to positive figures. We saw a fall in the deficit of the current account to 3.4% of GDP in the first quarter of 2012, compared to 4.1% year-over-year," he added.

"We also take steps to strengthen the role of the accounting rate. We promote our interest-bearing policy, as a result of which the rates of NBU active banking operations have been reduced three times since the year beginning. The accounting rate itself has also been reduced. In addition, NBU has reduced the rate of obligatory reserves, which must be formed by banks on separate accounts of NBU - from 70% to 60%. Starting from May 31 the rate will make 50%, and banks will be able to use released means for daily transactions," Arbuzov said.

NBU governor pointed out the general improvements in the activity of banks, including the growth of banking system common assets and capital stock, the increase in number of granted loans, the increase in number of household deposits, which proves people's trust in the banking system, and earnings at the amount of 1.8 billion hryvnais (against 7.7 billion hryvnais of losses in 2011)
The sides also discussed possible risks for Ukrainian economy and methods to minimize them. NBU and representatives of IMF European department agreed to hold at least three more working meetings within the week to fully discuss the cooperation between Ukraine and IMF.


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