Having analyzed the flow of macroeconomic and monetary indicators in the first Quarter of 2008, taking into account the forecasted indicators of economic and social development of Ukraine,  the Board of the National bank of Ukraine pays attention to the fact, that in spite of the whole set of monetary and prudential measures taken at the end of 2007 and in 2008, the inflation rate remains rather high.

The consumer price index in the first Quarter of 2008 amounted to 109.7%. Monetary base in this period decreased  by 3.9%, and moderate rates of money supply increase (by 5.1%) were  linked mostly to active credit activities of banks under high demand for credits from the part of both legal entities and households.

Taking into account the above-mentioned, with an objective to further control the inflation pressure and to prevent deepening of disbalancement in the arrangement of active-passive transactions of banks, pursuant to Article 25 of the Law of Ukraine on the National bank of Ukraine, the Regulation on the interest rate policy of the National Bank of Ukraine # 389 of 18.08.2004  and registered with the Ministry of Justice of Ukraine under # 1092/9691 of 02.09.2004, as amended, iss.1,2 of the Article 1 of part 11 of the Resolution on regulation of liquidity of banks by the National bank of Ukraine, approved by the Resolution # 378 of 26.09.2006 of the Board of the National bank of Ukraine and registered with the Ministry of Justice of Ukraine under # 1120/12994 of 17.10.2006, as amended (below - as Regulation), the Board of the National bank of Ukraine shall enact:

• to set since April 30, 2008, the discount rate at the level of  12 % annual. 
• to hold up provisionally, till the end of 2008,  the validity of the 1st paragraph, 4th item of the Resolution # 434 of 14.11.2006 of the Board of the National Bank of Ukraine "On time and possible volumes of some transactions with banks, conducted by the National Bank of Ukraine, which are specified by the Regulation on regulating of Ukrainian banks' liquidity by the by the National Bank of Ukraine and requirements on cover funds, offered by banks (as amended).
• till the end of 2008 to set by corresponding regulations of the National Bank of Ukraine the norm, specified by the item 3.7, Chapter 3, Part 2  of the Regulation, on frequency of banks' appeals to the National bank of Ukraine and maximum amount of blank overnight credit.
  When considering issue on maintaining of bank liquidity via refinancing, to take into account information on conducting of credit policy by the bank within the limits of credit resources, available as to their terms and volumes, including increase of credits to the economy, credits to natural persons and inter-bank credits.
• to consider as invalid since 30.04.2008 the Resolution # 492 of 29.12.2007 of the Board of the National Bank of Ukraine "On the monetary market regulation".

This Resolution comes into force since April 22, 2008.