The National Bank increases by 5 percentage points the standard for the formation of reserves on demand and funds on current accounts of legal entities and individuals from February 11.
This is stated in the NBU message, Ukrainian News Agency reports.
The National Bank further raised requirements for banks' required reserves, as announced in December.
Thus, from February 11 to February 5, the standards for the formation of mandatory reserves by banks for on-demand funds and funds on the current accounts of legal entities and individuals, as well as for deposits and funds on the current accounts of other non-resident banks and loans received from international (except financial) and other organizations.
In particular, they increase from 5% to 10% in national currency and from 15% to 20% in foreign currency.
In addition, from March 11, the standards for the formation of mandatory reserves by banks under on-demand funds and funds on the current accounts of individuals in both national and foreign currencies will be increased by 10 percentage points.
However, this part of the reserves will not be covered by the mechanism of covering benchmark government bonds.
The National Bank expects that these measures will help reduce the liquidity surplus in the banking system.
This, for its part, will encourage banks to actively compete for term funds of depositors and, accordingly, will contribute to an increase in rates on hryvnia assets and an increase in the share of term deposits.
As a result, the stability of the foreign exchange market to situational factors will increase, and the National Bank will be able to move in the future to ease administrative restrictions for business and the population.
As Ukrainian News Agency earlier reported, the National Bank provided an opportunity for banks to cover up to 50% of the total required reserves through government domestic loan bonds.
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