Business Services Industry
UKRAINE: UKRAINE CUTS KEY INTEREST RATE.(Brief Article)
IPR Strategic Business Information Database, April, 2002
The Ukrainian central bank cut a key interest rate from 11.5 percent to 10 percent, effective 4 April, Reuters reported. The bank also reduced reserve requirements for commercial banks to boost lending. The Ukrainian National Bank made its last refinancing rate cut in March, lowering the rate from 12.5 percent.
A bank spokeswoman told Reuters that from 10 April, commercial banks will not have to set aside funds in reserve to cover long-term hryvnia deposits made by individuals and companies. The requirement for short-term individual deposits will be cut from 6 percent to 2 percent, while the same requirement for companies will drop to 6 percent from 12 percent. Commercial banks currently lend at an average interest rate of 30 percent. Government officials...
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