NBU tightens requirements for bank reserves from Jan 10, 2016 - Gontareva

15:49, 18.12.2015 1 min read

The Board of the National Bank of Ukraine (NBU) on December 17 decided to terminate from January 10, 2016 the transfer of ending cash stocks in banks' cash departments to cover obligatory reserves, NBU Head Valeriya Gontareva has said.

She noted that the current norm allows banks to transfer 75% of ending cash stocks to cover obligatory reserves.

"There won't be such a transfer from January 10. It will be zero," she said.

According to Gontareva, the NBU board, when making the decision, took into account the fact that the system measures used by the central bank to cleanse the banking system contributed to the strengthening of its stability and liquidity. As a result, the amount of funds on the banks' correspondent accounts currently stands at about UAH 34 billion, the increase since the beginning of the year is about 25%. The volume of temporarily free funds invested by the banks in NBU deposit certificates since the beginning of the year has increased by 3.4 times, to UAH 66 billion.