The National Bank of Ukraine announces the completion of the public consultation of proposals for amendments to the Regulations On calculating and publishing the Ukrainian Overnight Index Average (UONIA) (hereinafter the Amendments to the Regulations on UONIA).
At the first stage, the Amendments to the Regulations on UONIA were considered at the meeting of the Money and Foreign Exchange Markets Contact Group (hereinafter the Contact Group), which took place on 2 August 2021. During this meeting, no comments or suggestions were made to the Regulations on UONIA, and Contact Group members supported the proposals submitted for consideration.
In the second stage, which lasted from 28 October to 28 November 2021, the NBU posted Information on Amendments to the Regulations on UONIA on its official website and invited everyone to submit their comments and suggestions. No comments or suggestions from stakeholders were received within the specified period.
At the same time, an expert response was received from representatives of the Treasury Department of the European Bank for Reconstruction and Development (EBRD, London), who noted that the proposed changes to the UONIA calculation methodology would help strengthen this benchmark. EBRD experts also expressed the opinion that the strategy of transition to calculation of UONIA without taking into account deals between banks and the NBU could be diversified by identifying additional triggers based on the depth/liquidity indicators of the Ukrainian money market.
Amendments to the Regulations on UONIA will soon be submitted to the NBU Board.