The prospects for lending to the economy were placed on the agenda of the public discussion on "Banks and economy: will loans become more accessible in Ukraine?", which was initiated by the Financial development league and media partner the "Dzerkalo Tyzhnia. Ukraine" and held on 4 July 2013.

The representatives from the National Bank of Ukraine, European Bank for Reconstruction and Development, Raiffeisen Bank Aval PJSC, Alfa-Bank PJSC, State Savings Bank of Ukraine PJSC, Agency for Refinancing of Mortgage Loans participated in the public discussion.

"The National Bank of Ukraine makes efforts to reduce the cost of loans," said Mr. Oleksandr Arseniuk, Deputy Director of General Department of Monetary Policy of the National Bank of Ukraine. "In particular, the discount rate has recently been cut. The National Bank of Ukraine takes measures to inject liquidity into the banking system, which has boosted the banking system liquidity," added Mr. Oleksandr Arseniuk.

At the same time, he has pointed out that non-monetary factors play a crucial role in the structure of the cost of funds. In view of the above, the National Bank of Ukraine makes joint efforts with the Government of Ukraine to neutralize the effects of these factors. "It pertains to the protection of creditors' rights, implementation of structural economic reforms and improvement of business climate," added Oleksandr Arseniuk. 

The representative from the National Bank of Ukraine has noted that the recent measures taken by the National Bank of Ukraine are starting to yield positive results. Thus, in the first six months of 2013, loans had grown by 3 % versus 2% recorded in the first five months of 2013. However, corporate lending was the main driver of the loan growth.

 In addition to this, the National Bank of Ukraine is set to take further measures aimed at reduction of dollarization of the economy and strengthening the status of the national currency as a means of payment and a store of value. In particular, Mr. Oleksandr Arseniuk noted: "With growing public confidence in the national monetary unit, we are pleased to see the general population of Ukraine as our main partner in our efforts.  Hryvnia deposits prevailing in the structure of deposit growth and transactions conducted in the cash foreign exchange market where the supply of foreign exchange exceeds demand for it indicate growing public confidence in national monetary unit".