The National Bank of Ukraine (NBU) set a discount rate at 9.5% on April 15, the central bank's press service has reported.

"The National Bank's board has adopted resolution No. 212 of April 14, 2014, which foresees the establishment of the discount rate at 9.5% from April 15, 2014. The discount rate last changed on August 13, 2013, when it was set at 6.5% per annum," reads the statement.

Under the same resolution the interest rate on refinancing loans that are provided under the mechanism for supporting the liquidity of banks is set at the level of the double discount rate of the NBU. Before that, it was set at the level of the triple discount rate of the NBU.

While commenting on the central bank's decision, the director of the NBU's general department of monetary policy, Olena Shcherbakova, expressed confidence that along with other measures by the central bank this decision would help stabilize the situation on the market.

"Ukraine has a rich experience of regulating the monetary market in unusual situations. It suggests that the best option in such conditions is a combination of two elements. The first is to provide maximum support for the liquidity of banks to ensure they timely fulfill all of their obligations. The second is to promote an increase in the value of the currency, including though the levers of the interest rate policy, which limits speculative demand for resources and helps restore the resource base of banks," Shcherbakova said.

Ukrinform