Zelensky calls for banks to reduce lending interest rates

Zelensky calls for banks to reduce lending interest rates

President of Ukraine Volodymyr Zelensky has said that proper conditions for banks should be created so that they can reduce their lending interest rates for business and mortgage.

He stated this during a meeting with representatives of the Cabinet of Ministers, the Verkhovna Rada and law enforcement agencies, an Ukrinform correspondent reported.

"Creating conditions for commercial banks to reduce lending interest rates and make business and mortgage lending available. The deadline is October 1, 2019. Responsible for this are Prime Minister of Ukraine Oleksiy Honcharuk, Finance Minister Oksana Markarova, National Bank Head Yakiv Smolii are in charge of this," Zelensky said.

As Ukrinform reported, the NBU Board decided to reduce the discount rate to 17% per annum from July 19, 2019. Earlier, on April 25, 2019, the NBU reduced the discount rate by 0.5% to 17.5% per annum for the first time in the past two years. In 2018, inflation amounted to 9.8%.

The National Bank of Ukraine intends to reduce the discount rate to 9% in 2020 and to 8% in 2021.


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