The financial misbalance of operations of national joint-stock company Naftogaz Ukrainy and the Individuals' Deposit Guarantee Fund results in the exhaustion of forex reserves and large money printing, the Council of the National Bank of Ukraine (NBU) has said.

"We recommend that the Cabinet of Ministers… considers the issue of providing funds for recapitalization of Naftogaz Ukrainy and the Individuals' Deposit Guarantee Fund," reads a decision of the NBU Council of April 23, 2015 posted on the NBU's website on Wednesday.

The NBU Council also asked the government to draw up a draft law for bringing the government domestic loan bond rates to dependability on the NBU refinancing rate when NBU's portfolio is restructured and reduce the largest term of circulation of the bonds from 20 to 10 years.

The council also recommended that the cabinet draws up a plan on stabilization of the currency market if external shocks grow.

According to the document, since early 2015 the NBU bought government bonds worth UAH 27.4 billion (UAH 181.9 billion in 2014), and its bond portfolio grew by UAH 25.3 billion (UAH 171.1 billion), to UAH 343.3 billion.

The NBU Council again criticized the NBU Board for conducting the monetary and credit policy that was not in line with the key principles and recommendations of the council approved in September 2014.