In Ukraine, a gradual transition

For the growth of tension in financial markets in autumn 2008, was an increase in demand for foreign currency, which caused significant devaluation pressure on the hryvnia. In the aspect of liquidity management increased flexibility of the course in autumn 2008 reduced the role of the exchange channel in the structure of the issuance of payment instruments (in the structure of the pure "non-cash issue" operations in the foreign exchange market amounted to 94.3% in 2007, and after 10 months of 2008 - 27.3% ), reverse the effect of foreign exchange intervention on the liquidity of the banking system of Ukraine and increase the chances of central bank in managing the monetary market through the regulation of interest rates under a regime which is based on price stability, become the main instrument of monetary policy. In addition, the growth of exchange rate flexibility, the hryvnia against the U.S. dollar for economic actors is a sign of refusal of the National Bank of the policy making of currency risk to themselves to maintain exchange rate stability, which increases the uncertainty for economic agents regarding the future profitability of capital in foreign currency, which may decrease with risk-adjusted market exchange rate. Due to decrease in speculative foreign capital coming to Ukraine, active development of the domestic monetary market and market-based hedging of currency risk, reduced the level of financial dollarization in the country, etc. Another important factor influencing self-liquidity of the banking system is "Net liabilities of government", which are accumulated through a network of daily flows of funds, passing on the consolidated financial account, which suffers from significant fluctuations in seasonal income and expenditure budget. In view of the impact on liquidity of the banking system of Ukraine is the most problematic factor in the movement of funds in the account of the government (Treasury Single Account) at the National Bank of Ukraine. Category: Liquidity of the banking system of Ukraine