NBU is discussing with top management of banks preparing the banking system to work in conditions of martial law in the event of its possible establishment

26.11.2018

the Board of the National Bank of Ukraine headed by President Jacob Smoliam holds an extraordinary meeting with heads of 40 largest banks in the country.

the Meeting was dedicated in particular to the preparation of the banking sector to work in conditions of martial law in case of its possible implementation. Today national security Council and defense of Ukraine unanimously supported the proposal of the President of Ukraine Peter Poroshenko to impose martial law for a period of 60 days. The relevant decision of the President must approve the Verkhovna Rada of Ukraine.

"the national Bank does not see risks to the smooth operation of the banking sector in case of imposition of martial law. The liquidity of the banking sector is approximately 75 billion UAH, which is sufficient for its proper and smooth functioning", - said the Chairman of the National Bank, opening the meeting with the bankers.

Consequently, the national Bank has no grounds for the imposition of administrative measures in the monetary and currency markets.

"If necessary, banks may use, as before, the standard tools support the liquidity and tool of emergency liquidity assistance ELA. We also continue to monitor closely developments in the foreign exchange market and willing to carry out currency interventions if necessary, to prevent a sharp "jumps" of course, under pressure from psychological factors. The national Bank has enough resources and tools. Now the volume of international reserves reaches 17.8 billion dollars," said Yakov Smoliy.

Top-managers of Ukrainian banks confirmed their readiness, as before, to ensure the smooth execution of payments, cash collection and replenishment of the ATM and terminal networks.

the Board of the National Bank encouraged market participants to exert maximum effort to ensure that the banking sector in operation and minimizing possible risks in conditions of martial law.

https://bank.gov.ua/control/uk/publish/article?art_id=82509251&cat_id=55838

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