The National Bank of Ukraine will provide liquidity to the market as the economy grows, the director of the monetary policy department at the National Bank of Ukraine Olena Shcherbakova said in course of the teleconference bridge "Hryvnia before the election: What is the best way to protect savings of ordinary citizens?", ForUm correspondent reports.

"Our policy is restrained, not tough. Unless there are real lending, investment programs and projects require sourcing, we plan to stick to this course," Shcherbakova said. In addition, she recalled: "We have increased our active operations from 90 days up to one year. Today, our tools are ready for this."
At the same time the representative of the National Bank explained why the provision of liquidity today is limited. "Today there is no demand for lending source. This is not a very pleasant fact, but it is a fact. The National Bank offers liquidity, when it sees there is demand for liquidity. When we do not see this demand, of course, we are more cautious about conducting our monetary and currency policy. However, the lending issue concerns not only the NBU, but a large range of infrastructural, structural, judicial aspects. They are being solved, but this process is not swift," Shcherbakova said.

"As economy grows, the NBU will provide liquidity to the market. Current market liquidity allows for normal settling payments, functioning properly. Yes, sometimes rates rise high enough. But the period between rise and fall is often short. The market itself should work to set rates," the director of the monetary policy department summarized the monetary policy of the NBU.

In turn, the President of the Raiffeisen Bank Aval Volodymyr Lavrenchuk confirmed there is a low demand for loans, and banks have sufficient hryvnia reserve. According to him, the excess liquidity could lead to speculation in the foreign exchange market.


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