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NBU Discusses With Top Bank Managers Preparations to Operating Under Martial Law

26 November 2018

Press Release

 

The NBU Board, chaired by Governor Yakiv Smolii, has held an extraordinary meeting with the managers of the top 40 Ukrainian banks.

 

The meeting was focused on preparations to be made in the banking sector for operating under martial law, should it be declared. Today, the National Security and Defense Council of Ukraine has unilaterally supported the decision of the President of Ukraine Petro Poroshenko to introduce martial law for the term of 60 days. This decision of the President is to be approved by the Verkhovna Rada of Ukraine.

 

“The NBU sees no threats to the uninterrupted operation of the banking sector if martial law is declared. The liquidity of the banking sector amounts to over UAH 75 billion, which is sufficient for its proper and continuous operation,” emphasized the NBU Governor in his opening speech at the meeting with the bankers.

 

Thus, the National Bank of Ukraine has no reason to introduce administrative measures in the money market and the FX market.

 

“If necessary, banks can, as before, use standard instruments for maintaining liquidity, and the instruments of emergency liquidity assistance (ELA). Also, we continue to closely monitor developments on the FX market and are ready to carry out FX interventions when necessary in order to avoid sharp exchange rate fluctuations provoked by negative sentiment. The NBU has sufficient resources and instruments to conduct the FX interventions. At present, the international reserves stand at USD 17.8 billion,” said Yakiv Smolii.

 

Top-managers of the Ukrainian banks have reiterated their readiness to ensure continuous transfers of payments, cash collection, and replenishment of ATMs and POS networks, as before.

 

The NBU Board has called on market participants to take every reasonable action to ensure that the banking sector operates in the business-as-usual mode and that possible risks are mitigated after martial law has been declared.


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Last modification   26.11.2018