Deputy Chairman of the National Bank of Ukraine Valery Prokhorenko notes that one of the main objectives of the National Bank is active economy lending.

"Promoting active economy lending is one of the main objectives of the National Bank of Ukraine. However, we should understand that it would be impossible to achieve this objective without the stable financial system. In fact it is the key for the resumption of lending and economic growth in general," he said in the interview with The Banker magazine.

However, Prokhorenko said that the relatively high cost of lending resources in Ukraine is conditioned by the considerable cost of resources for a bank as a result of increased inflation expectations of its depositors, as well as a significant interest rates risk premium.

"The leveling of the effect of these factors requires the combined efforts of the government and the NBU, in particular on conducting sound macroeconomic and monetary policy, which will contribute to moderate price movements and stabilization of inflationary expectations and thus to decrease in cost of resources raised by banks," he said.

At the same time, according to the NBU representative, the decrease in the risk premium should contribute to improving business and investment climate in the country, improving the legal environment of credit activity.

Prokhorenko noted that the reforms conducted have already taken positive effects. Thus, in 2011, economy lending increased by more than 14% and keeps growing during the current year.

According to him, in general, banks originate loans to productive sectors, including enterprise for the production of electricity, gas, water, transport and communications, agriculture, food industry and so on.


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