National Bank of Ukraine (NBU) adjusted the basic principles of calculating the discount rate, converted to a projected rate of inflation.

The decision affirmed a decree NBU N415, which is posted on the website of the Verkhovna Rada: the document comes into force on 20 September 2009.

Ordinance adopted in order to enhance the role of interest policy of the National Bank in the management of monetary and credit markets.

According to the document, the discount rate would be maintained at a positive level to the projected rate of inflation, while its operating principle provides for the maintenance of positive real on the level of inflation.

Ordinance also modifies the list of factors to take into account when determining the discount rate: it included, among other things, the profitability of core industries, the actual and projected level of real gross domestic product, the size of public deficits and the sources of its covering. In addition, when making a decision by the National Bank of Ukraine will take into account the size of payments and trade balance.

National Bank has also established limits on the size of the rates on loans overnight.

The interest rate on the loan overnight without (blank) is the highest interest rate bank and placed on a tender basis at a rate not lower than the National Bank discount rate plus five percentage points. Interest rate on credits overnight under the provision shall be not below the NBU discount rate plus three percentage points, - says the paper.

Ordinance also provides that the interest rate on loans provided by banks in the event of a real threat to the stability of their work, set at the weighted average interest rate of refinancing, calculated over the past 30 days.

At the same time, according to the decree, the interest rate for a prolonged credit is set at an interest rate specified in the loan agreement, plus one percentage point.

As reported, the NBU discount rate is set at 10,25%, while the rate on loans blank overnight - at 17% and the rate of interest on loans overnight on security - 15.5%. The National Bank had to reduce the accounting and other working rates in August of this year: high rates of the NBU criticized Prime Minister Yulia Tymoshenko.

Inflation in Ukraine in January-July 2009 amounted to 8,5%, but over the past 12 months - 15.5%. The Government maintains an official forecast of inflation in 2009 at 9.5%. However, National Bank announced that it intends to fight for retention of the dynamics of consumer prices in the current year's level to 13%, which corresponds to the International Monetary Fund projections.