17:15 05.09.2019

Task of authorities to cheapen loans realistic, but integrated approach required to solve it – Smolii

2 min read
Task of authorities to cheapen loans realistic, but integrated approach required to solve it – Smolii

The task set by the authorities to reduce the cost of loans and mortgage for businesses is realistic, but its solution requires an integrated approach, Governor of the National Bank of Ukraine (NBU) Yakiv Smolii has said.

"In terms of the cost of resources, these are absolutely real numbers. If we declare a refinancing rate of 8% and [add] the margin laid by the banks, reducing the existing risks to 3-4%, then mathematically we can get 12%. But the reduction of the refinancing rate itself is a prerequisite, but not enough to ensure that the cost of lending resources is at such a level," he told reporters.

According to Smolii, to reduce credit rates, it is necessary to implement laws on protecting the rights of creditors, and judicial reform. In addition, we need high quality registers and an appropriate access for special registrars to make changes to them. Together, this will make it possible to reduce the cost of resources for lending and mortgage lending to business entities, the head of the central bank said.

As reported, President of Ukraine Volodymyr Zelensky instructed until October 1, as part of improving the business climate, to create conditions for commercial banks to reduce lending rates and increase the availability of business loans and mortgage.

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