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Financial Stability Council to agree on benchmark govt bond criteria by Jan 11, plans to reach 100% rollover under IMF program
KYIV. Dec 14 (Interfax-Ukraine) – The Financial Stability Council, which includes, in particular, the leadership of the National Bank (NBU) and the Ministry of Finance, following a meeting on December 8, decided to agree on the criteria for benchmark government bonds by January 11 and plans to reach a 100% rollover under the program with the International Monetary Fund (IMF), the NBU press service said on Wednesday.
"We are seeing a convergence of yield rates in the primary and secondary markets and activation of the secondary market, which leads to increased transparency in pricing and narrowing of spreads. The IMF program fixed the task of reaching a 100% rollover. And we, of course, will strive to achieve this indicator. Our common goal is non-issue financing of the budget deficit in 2023," the NBU press service quoted Finance Minister Serhiy Marchenko as saying.
NBU governor Andriy Pyshny also noted the need for state-owned banks to develop deposit products that would protect citizens’ funds from inflationary depreciation.
The members of the Council also considered some issues of the activities of state-owned banks and heard a report from representatives of the Deposit Guarantee Fund on measures aimed at returning the assets of insolvent banks and recovering damages in Ukrainian and foreign jurisdictions from the management and former owners of banks.
As reported, on December 8, the NBU announced that from January 11, the required reserve ratio for current accounts in hryvnia and foreign currency would sag by 5 percentage points and would allow covering up to 50% of the total amount of required reserves at the expense of benchmark government bonds.
