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In order to stimulate long-term crediting, including investment projects, the NBU increased the period of commercial bank refinancing from 180 to 270 days. Moreover, on July 5 the discount rate was further reduced from 10% to 8% p.a. These measures stimulated a demand for NBU refinancing funds, and in July the total amount of commercial bank refinancing through quantity tenders reached UAH 315.1 m compared to UAH 7.1 m in June. However, the quantitative significance of this instrument of monetary policy remains low.
On July 8 the reserve requirements were further reduced. The NBU set the reserve rate for demand deposits in national currency to 10% and to 12% for foreign ones. The NBU also reduced the requirements on time deposits in foreign currency to 8-10%. Still, the reserve requirements on national currency deposits are much lower, creating for these deposits more favourable conditions. Currently the share of deposits in foreign currency constitutes approximately one third of total deposits, having steadily reduced from the maximum of 45% in January 2000.
The July consumer prices maintained a downward-sloping dynamic: inflation was -0.9% yoy, despite a fairly high growth of the monetary base (47.2% yoy). The Ministry of Economy and European Integration revised its inflation forecast from 9.8% down to 3.5 to 6.5% yoy depending on the municipal tariff policy during the rest of the year.
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