10:29 24.02.2020

NBU creating contact group of monetary and FX markets

2 min read
NBU creating contact group of monetary and FX markets

The National Bank of Ukraine (NBU) is creating a contact group of the monetary and foreign exchange markets for exchange of information and opinions among their participants regarding the real state of these markets and their development.

According to a posting on the NBU's website, 25 experts recommended by 25 banks with the best rating of activity in the money and foreign exchange markets should enter the group along with representatives of the National Bank, and its first meeting is expected in April.

The basics of the functioning of this advisory body were presented by Deputy Governor of the NBU Oleh Churiy, who will lead the group, and representatives of the NBU open markets department at a meeting with bankers last week.

It is planned that the group will meet quarterly, but at least twice a year.

During the meeting, the NBU also discussed plans to improve indicators of the money and foreign exchange markets, the spread of the use of hedging instruments for currency risks, the introduction of new financial instruments, including interest rate swaps.

At the second meeting of the contact group, it is planned to vote for the candidates nominated by banks for the committee to oversight the Ukrainian Index of Interbank Rates (UIIR). This committee is being created consisting of four representatives of the NBU and three market representatives nominated by the contact group and approved by the board.

According to the presentation of the NBU, by January 2021, the regulator sets the task of bringing UIIR as the main indicator of the money market to IOSCO principles and making a corresponding statement.

Another goal is the actual start of interest rate swap operations (IRS) by the end of 2020.

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