National Bank cuts discount rate to 6.5%
2013-08-13 09:08:29
The National Bank of Ukraine took a decision to cut discount rate from 7% to 6.5% annual from August 13.
Director of the NBU General Department for money and credit policy Olena Shcherbakova told a briefing on Monday, a Ukrinform correspondent reports.
“The National Bank Board took a decision to cut the discount rate from 7% to 6.5% from August 13,” Shcherbakova said.
According to her, discount rate reduction signals about the fact that the NBU pursues the policy aimed at cheapening of credits.
Shcherbakova also added that a decision is taken with taking into account the fact that over 2013, consumer inflation in the country remains at the level close to zero, market expectations improve, cost of the funds reduces, as well as a deposit base is constantly growing, primarily, at the hryvnia expense.
As the Director of the NBU Department for money and credit policy noted, following recent reduction of discount rate by the National Bank, cost of credits fell by 2% in the country. “We expect that cost of credit resources will reduce over the two nearest years,” she said.
To remind, the National Bank of Ukraine has cut discount rate from 7.5% to 7% annual on June 10, 2013.