The National Bank of Ukraine (NBU) held its weekly meeting on Tuesday with heads of banks in the country and discussed joint measures to stabilize the country's banking system.
Recent administrative restrictions enacted by the NBU were also discussed. Banking leaders agreed the measures were appropriate given the current status of the economy. The leaders said that they see difficulty with bridging the gap so that restrictions do not hurt their clients.
Twelve banks signed a memorandum that stipulates they would take part in shouldering the burden of the devaluation of the currency over the course of the previous year. This agreement was reached in exchange of granting leniency in the tax code allowing banks to service client debt and sell off bad debt without additional tax liability, assuming borrowers mitigate agreements with their respective bank.