Reduce the National Bank of Ukraine (NBU), the discount rate to 11% will not have a significant impact on the stock market, market participants think the respondents.
Reduction of the NBU discount rate does not provide adequate support stock market. This tool has a minimal impact on the financial market and, consequently, can not have a positive impact on the real economy - said analyst IG TASK (Kiev), Viacheslav Ivanishin .
At the same time, he noted the increasing impact of the recent discount rate for the financial market due to high volumes of the National Bank refinancing of commercial banks. Previously, the discount rate was more likely an indicator and not actually shaped trend in the financial market, because there was no active refinance the banking system, - said V. Ivanishin.
According to economist IC Troika Dialog Ukraine (Kiev) Irina Piontkovsky, given the expensive credit resources and vyaluyu the dynamics of the real sector is unlikely to expect that lowering the discount rate of NBU will change the situation on the stock market.
Both experts also believe the decision to reduce the bank rate is very reasonable on the background of lower inflation and stabilize the currency market. At the same time, their predictions about future cost trends.
Thus, according to I. Piontkovsky, further lowering the refinancing rate is unlikely in the background expected in the current year inflation within 16%.
Although, if continuing trend of slowing price growth rates may decline further, - she added.
In turn, B. Ivanishin believes that if the NBU monetary approaches followed by the Fed and the ECB to reduce interest rates at a deflationary process, the decline rate is likely to continue.
As reported, the NBU Board has declined from 15 June, the discount rate to 11% from 12% per annum, which was held in late April 2008.
National Bank also cut rates on June 15 on an active operations held since February of this year, 2 percentage points: the credit overnight under the provision of government securities - up to 16% per annum, without the - up to 18% per annum.
NBU
Board drew attention to the appearance of certain signs of stabilization in the monetary market. As noted in the publication of the National Bank, some signs of stabilization confirmed the decline in inflation from 2.9% in January to 0.5% in May, end-trend towards the drain on the population of the banks, the situation on the currency market, the growth in lending to the real sector and the decline rates on loans and deposits.
National Bank last changed the discount rate at the end of April 2008, raising it to 2 PP rates on active operations NBU was last changed in February this year, raising the rate on loans overnight under the provision of government securities at 2 PP, and without - to 3 PP
Inflation in Ukraine in May of 2009 slowed to 0.5% from 0.9% in April, but year on year - from 15.6% to 14.7%. At the end of January to May, inflation was 7.4%.
official government inflation forecast for 2009 is kept at 9.5%. However, in cooperation with the International Monetary Fund, the authorities pledged to keep inflation in the current year's level to 16%. According to the NBU Board of inflation this year could amount to 12-13,5%.
President insists on record the Government in Parliament on the implementation of the budgetPopov: The reform of housing and communal services will bring in industry to 70 billion UAHBelarus took the assignment in the milk the conflict. Wait if you get gas?Expert: The probability of further easing of monetary policy NBU lowThe course is kept buying the dollar unchanged - the evening review of cash marketsUkrainian banks are beginning to lower rates on deposits
Experts: Reducing the discount rate of NBU will have no effect on activity in the stock market
Reduce the National Bank of Ukraine (NBU), the discount rate to 11% will not have a significant impact on the stock market, market participants think the respondents.
Reduction of the NBU discount rate does not provide adequate support stock market. This tool has a minimal impact on the financial market and, consequently, can not have a positive impact on the real economy - said analyst IG TASK (Kiev), Viacheslav Ivanishin .
At the same time, he noted the increasing impact of the recent discount rate for the financial market due to high volumes of the National Bank refinancing of commercial banks. Previously, the discount rate was more likely an indicator and not actually shaped trend in the financial market, because there was no active refinance the banking system, - said V. Ivanishin.
According to economist IC Troika Dialog Ukraine (Kiev) Irina Piontkovsky, given the expensive credit resources and vyaluyu the dynamics of the real sector is unlikely to expect that lowering the discount rate of NBU will change the situation on the stock market.
Both experts also believe the decision to reduce the bank rate is very reasonable on the background of lower inflation and stabilize the currency market. At the same time, their predictions about future cost trends.
Thus, according to I. Piontkovsky, further lowering the refinancing rate is unlikely in the background expected in the current year inflation within 16%.
Although, if continuing trend of slowing price growth rates may decline further, - she added.
In turn, B. Ivanishin believes that if the NBU monetary approaches followed by the Fed and the ECB to reduce interest rates at a deflationary process, the decline rate is likely to continue.
As reported, the NBU Board has declined from 15 June, the discount rate to 11% from 12% per annum, which was held in late April 2008.
National Bank also cut rates on June 15 on an active operations held since February of this year, 2 percentage points: the credit overnight under the provision of government securities - up to 16% per annum, without the - up to 18% per annum.
NBU
Board drew attention to the appearance of certain signs of stabilization in the monetary market. As noted in the publication of the National Bank, some signs of stabilization confirmed the decline in inflation from 2.9% in January to 0.5% in May, end-trend towards the drain on the population of the banks, the situation on the currency market, the growth in lending to the real sector and the decline rates on loans and deposits.
National Bank last changed the discount rate at the end of April 2008, raising it to 2 PP rates on active operations NBU was last changed in February this year, raising the rate on loans overnight under the provision of government securities at 2 PP, and without - to 3 PP
Inflation in Ukraine in May of 2009 slowed to 0.5% from 0.9% in April, but year on year - from 15.6% to 14.7%. At the end of January to May, inflation was 7.4%.
official government inflation forecast for 2009 is kept at 9.5%. However, in cooperation with the International Monetary Fund, the authorities pledged to keep inflation in the current year's level to 16%. According to the NBU Board of inflation this year could amount to 12-13,5%.
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The course is kept buying the dollar unchanged - the evening review of cash markets
Ukrainian banks are beginning to lower rates on deposits
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