Kyiv, July 26 - The National Bank of Ukraine (NBU) has amended the procedure for banks to form obligatory reserves through tightening the payment of interest on balances formed on separate accounts at the central bank.
The relevant decision was stipulated in NBU resolution No. 242, which was registered at the Justice Ministry on July 15 and will come into force ten days after its publication.
According to the document, the text of which is on the Web site of the parliament, the changes were approved to encourage banks to manage their liquidity responsibly.
Resolution No. 242 introduces additional conditions under which banks can opt to receive from the NBU interest on their funds on certain accounts at the central bank.
According to the document, interest will be paid to banks, in particular, if the amount of funds transferred by the banks to a separate account at the NBU and the actual average ending funds on the banks’ correspondent accounts at the NBU for the reporting period together are equal to or exceed the average sum of obligatory reserves under the established norms.
In addition, to pay interest, the NBU demands the banks daily as of the start of the operating day keep funds in the amount set by the central bank on their correspondent account at the NBU.
