No preconditions yet for return of 14-day certificates – Ukraine's National Bank official

The National Bank of Ukraine (NBU) is currently satisfied with its operational design and considers it optimal, First Deputy Governor of the NBU Serhiy Nikolaychuk said in an interview with Interfax-Ukraine.

"In the memoranda following several recent IMF program reviews, there is mention that we would analyze and, if necessary, return to liquidity absorption tools with longer maturities. This refers to two-week deposit certificates, which we used before the full-scale invasion. In our view, the conditions for this have not yet materialized," he said.

Nikolaychuk recalled that the current operational framework provides for overnight deposit certificates at the key policy rate as the main tool, and a three-month deposit certificate as an additional instrument, which has proven highly effective in calibrating monetary conditions and creating additional incentives for hryvnia deposits.

"At the same time, we understand that in the future, if our goal is to develop the money market (as the first link in the financial market), we will most likely return to a corridor around the key policy rate, with corresponding operations, such as two-week deposit certificates," the NBU's first deputy governor added.