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The refinancing of the central bank as one of the pressures on the exchange rate: the experience of Ukraine. In English


  • V. Harkavenko, A. Schkliar


The National Bank of Ukraine possessed all necessary tools to prevent speculative operations on the interbank currency market and, accordingly, inadequate depreciation of the national currency due to this factor in 2014. But the NBU appeared to be unable to ensure effective and efficient control over foreign exchange transactions of commercial banks. We have to state the absence of a systematic, balanced and understandable policy of the regulator during the period of destabilization which was further aggravated by the massive volumes of refinancing loans to commercial banks, non-transparent procedures for granting refinancing loans and almost absolute lack of control over their intended use.

Suggested Citation

  • V. Harkavenko, A. Schkliar, 2016. "The refinancing of the central bank as one of the pressures on the exchange rate: the experience of Ukraine. In English," Economy and Forecasting, Valeriy Heyets, issue 3, pages 43-50.
  • Handle: RePEc:eip:journl:y:2016:i:3:p:43-50

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