The National Bank of Ukraine attended a March 6 roundtable discussion on "Current Threats and Challenges: Economy, Country's Solvency and Banks."
Olena Shcherbakova, the director of the department of monetary policy at the NBU, said during the event that the country's recent political upheaval triggered macroeconomic risks that have been on the horizon in recent years but that the bank is stabilizing the national currency and the banking system.
"The current situation, in spite of its complexity, is under control. At last, we can implement the long-needed reforms and decisions," Shcherbakova said. "The National Bank of Ukraine is enhancing its market presence and supports all banks, without exception."
The country's banks received refinancing loans of $2.4 billon in February and $900 million in January.
In addition, the reserve requirements for banks were eased in February, which provided them with additional operational liquidity of more than $540 million.
The National Bank of Ukraine has also limited its participation in the foreign exchange market.
"Currently, foreign exchange market transactions have reduced, an UAH appreciation trend has been seen for two days: households are adapting quickly, while businesses are adjusting to the new operational model," Shcherbakova said.
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