Thursday, October 16, 2008

Ukrainian banking system to be shortly modified, Economics Minister claims

Ukraine's Economics Minister Bohdan Danylyshyn is convinced that the Ukrainian banking system will be shortly changed, he was speaking at a briefing October 15.

"Our banking system now operates in the way it has been working over the last seven years. A decision will be adopted in the near future that will be coordinated with interests of depositors and producers," Danylyshyn said.

According to him, the Economics Ministry expects finance-economic stabilization following anti-crisis measures taken by the Cabinet of Ministers and the National Bank of Ukraine. B. Danylyshyn also said the very NBU measures to restrict the granting of deposits in advance will contribute to the stabilization of Ukraine's banking system.

With the goal to alleviate the effect of the global finance crisis on Ukraine's economics and in order to ensure the stability of the Ukrainian banking system, the National Bank Board prohibited banks from granting deposits in advance.