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National Bank of Ukraine not to implement any restrictions due to quarantine

Source : 112 Ukraine

There are enough reserves to edge any fluctuations in currency fluctuations, - Deputy Head of the bank
15:53, 12 March 2020

focus.ua

The National Bank of Ukraine plans no restrictions due to the nationwide quarantine. Oleg Churiy, Deputy Head of the bank said so during the briefing in Kyiv on Thursday.

According to the authority, there are enough reserves to edge any currency fluctuations. Besides, the NBU believes that the jump in the exchange rate this week is mostly due to the psychological factor.

The financial body claimed that the spread of the Chinese coronavirus may result in the reccession of the world economy and slow down the financial sector's activity in Ukraine. 

Related: Ukraine’s National Bank to reduce its discount rate to 10% from March 13

Meanwhile, the Bank lowers the refinancing rate to 10 percent. The forecast is lowered to 7 percent by the end of the year. The Bank assumes that Ukraine and the IMF will keep the cooperation running.

"The Board of the National Bank has decided to reduce its interest rate to 10% per annum since March 13, 2020. The National Bank is continuing its projected monetary easing in order to bring inflation back to the target range of 5% +/- 1 percentage point and to support economic growth in Ukraine in the conditions of world economy’s cooling,” the message reads.

Related: What is a pandemic? Shortly

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