National Bank of Ukraine Національний банк України
National Bank of Ukraine building
Headquarters	9 Institutska St. The building of the National Bank of Ukraine (then called Office of the ( Russian State Commerce Bank) opened in Kiev, Ukraine in , Kiev, 01601
Governor	Volodymyr Stelmakh
Central Bank of	Ukraine
Currency	Hryvnia
ISO 4217 Code	UAH
Website	www.bank.gov.ua

National Bank of Ukraine (Ukrainian: Національний банк України) is the central bank of Ukraine. Kiev, also known as Kyiv ( Ukrainian:, Kyiv, ˈkɪjiw Russian:, Kiyev; see also Cities' alternative names) is the Volodymyr Stelmakh (born January 18, 1939, Oleksiivka Sumy Oblast) — Banker, Economist, and Statesman. Ukraine (Україна Ukrayina, /ukrɑˈjinɑ/ is a country in Eastern Europe. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is The hryvnia, sometimes hryvnya or (incorrectly hryvna or hrivna (гривня ˈɦrɪu̯nʲɑ sign: ₴, code: ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages Ukrainian (in Ukrainian украї́нська мо́ва ukrayins'ka mova,) is a language of the East Slavic subgroup of the Slavic languages. A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states Ukraine (Україна Ukrayina, /ukrɑˈjinɑ/ is a country in Eastern Europe.

History

Prior to the collapse of the USSR, the National Bank of Ukraine was a branch of the Central Bank of the USSR. The Union of Soviet Socialist Republics (USSR was a constitutionally Socialist state that existed in Eurasia from 1922 to 1991 Gosbank (Госбанк Государственный банк СССР Gosudarstvenny bank SSSR &mdashthe USSR State Bank was the central bank of the Soviet Union Officially, the National Bank of Ukraine acted as the Central Bank of Ukraine since early 1992. Like institutions of many newly independent nations, it faced dire financial straits during the 1990s, leading to a prolonged period of hyperinflation. Certain figures in this article use Scientific notation for readability

On March 20, 1991, the Verkhovna Rada of Ukraine adopted the resolution "On Banks and Banking Activity", which became Law on May 1. The Verkhovna Rada of Ukraine (Верховна Рада України English: Supreme Council of Ukraine) is Ukraine 's Parliament The resolution declared ownership by the Ukrainian SSR of the Ukrainian Republican Bank of the State Bank of the USSR, the Ukrainian Republican Bank (affiliate) of the State Commercial Industrial-Constructional Bank of the USSR, the Ukrainian Republican Bank of the Savings Bank of the USSR, and the Ukrainian Republican Bank of the ForeignEconomBank of the USSR as well as the Ukrainian Republican Department of Encashment of the State Bank of the USSR. The Ukrainian Soviet Socialist Republic or the Ukrainian SSR was one of the 15 constituent republics that made up the Former Soviet Union from its The National Bank of Ukraine was resolved to be created on the basis of the Ukrainian Republican Bank of the State Bank of the USSR.

Viktor Yushchenko, the country's President, worked there from January 1993 to December 1999, before becoming Prime Minister. Viktor Andriyovych Yushchenko ( Ukrainian: Viktor Andrijovyč Juščenko) (born February 23 1954) is the third and current President of The President of Ukraine (Президент України is the head of the state of Ukraine and acts in its name Year 1993 ( MCMXCIII) was a Common year starting on Friday (link will display full 1993 Gregorian calendar) Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) The Prime Minister of Ukraine (Прем'єр-міністр України Prem'ier-ministr Ukrayiny) presides over the Cabinet of Ministers of Ukraine, which

Legal Status

Logo of the National Bank of Ukraine

The legal status of the National Bank of Ukraine and the principles of its organization and activities are determined by the Constitution of Ukraine and the Law of Ukraine "On the National Bank of Ukraine". The Constitution of Ukraine (Конституція України was adopted at the 5th session of the Verkhovna Rada ( parliament) of

The National Bank of Ukraine is a legal entity with separated property, which is the object of the state property. Its authorized capital amounts to UAH 10 million and is the state-owned property which is in the full economic competence of the National Bank.

According to Article 99 of the Constitution of Ukraine, adopted in 1996, the main function of the country's central bank is to ensure stability of monetary unit - the Hryvnia. The hryvnia, sometimes hryvnya or (incorrectly hryvna or hrivna (гривня ˈɦrɪu̯nʲɑ sign: ₴, code: To carry out its main function, the National Bank shall foster the stability of the banking system and, within its competence, the price stability.

According to the Law of Ukraine "On the National Bank of Ukraine", the National Bank is the central bank of Ukraine, a specific central body of the state administration, its issuing center which pursue common state policy in money circulation, credit, strengthening of monetary unit; it coordinates functioning of the banking system in general; determines exchange rate of the monetary unit against foreign currencies. Money is anything that is generally accepted as Payment for Goods and services and repayment of Debts. A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how The National Bank determines a kind of bank notes, their denomination, distinctive features and their protection system. A banknote (often known as a bill, paper money or simply a note) is a kind of Negotiable instrument, a Promissory note made by a The National Bank of Ukraine ensures the accumulation and custody of the gold and currency reserves and the conduction of transactions with them and the banking metals. Gold (ˈɡoʊld is a Chemical element with the symbol Au (from its Latin name aurum) and Atomic number 79 Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign Currency deposits held by Central banks and monetary The National Bank of Ukraine sets up the order of determining a discount rate and other interest rates; it gives permission for commercial banks' registration and licenses banking business; determines the standard of emergency funds for commercial banks and other financial and credit institutions. For the interest rate charged to Banks for borrowing short-term funds directly from the Federal Reserve, see Discount window. A commercial bank is a type of Financial intermediary and a type of Bank.

Functions

According to the Constitution of Ukraine, the main function of the National Bank is to ensure the stability of Ukraine's monetary unit. The Constitution of Ukraine (Конституція України was adopted at the 5th session of the Verkhovna Rada ( parliament) of To carry this out the National Bank fosters the stability of the banking system and, within its competence, price stability. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time

The National Bank also carries out the following functions:

• to determine and pursue the monetary policy in accordance with the General Principles of the Monetary Policy developed by the Council of the National Bank of Ukraine;

• to issue the national currency of Ukraine on a monopoly basis and to organize its circulation;

• to establish the rules of conducting banking transactions, accounting and reporting, protection of the information, funds and property for the banks and other financial and credit institutions;

• to organize and to provide the methodological support to the system of the monetary, crediting and banking statistical information and the statistics of the balance of payments;

• to determine the areas of the development of modern electronic banking technologies, to establish, co-ordinate and control the creation of electronic means of payment, payment system, banking automation and the banking information protection facilities;

• to exercise the banking regulation and supervision;

• to keep a Register of banks, their branch and representative offices, currency exchanges and financial and credit institutions, to license banking business and transactions, if provided for by the laws;.

• to compile, analyze and forecast the balance of payments;

• to represent Ukraine's interests in central banks of other states, international banks and other crediting institutions, where the cooperation takes place at the level of central banks;

• to exercise the currency regulation with the competence to be defined by a special law, to determine the procedure of effecting payments in the foreign currency, to organise and exercise the currency control over the commercial banks and other credit institutions which are in possession of a National Bank's license for the transactions with currency values;

• to ensure the accumulation and custody of the gold and currency reserves and the conduction of transactions with them and the banking metals;

• to analyze the status of the monetary, crediting, financial, pricing and currency relations;

• to organize the collection and transportation of bank notes, coins and other values;

• to implement the national policy of the protection of state secrets within the system of the National Bank;

• to take part in the training of personnel for Ukraine's banking system;

• to exercise other functions in the monetary and crediting sphere within its competence defined by the law.

Governors of the National Bank of Ukraine

Since the Banks' establishment, the following statesmen were the Governors of the National Bank of Ukraine (initially the title of the position was the Chairman of the Board of the National Bank of Ukraine)

References

• (Ukrainian) Про банки і банківську діяльність. Vadym Petrovych Hetman (Вадим Петрович Гетьман ( July 12, 1935 in Snityn Poltava Oblast — April 22, 1998 Viktor Andriyovych Yushchenko ( Ukrainian: Viktor Andrijovyč Juščenko) (born February 23 1954) is the third and current President of Volodymyr Stelmakh (born January 18, 1939, Oleksiivka Sumy Oblast) — Banker, Economist, and Statesman. Volodymyr Stelmakh (born January 18, 1939, Oleksiivka Sumy Oblast) — Banker, Economist, and Statesman. Law of Ukraine. Accessed on August 17, 2006.
• (Ukrainian) Про Національний банк України. Law of Ukraine. Accessed on August 17, 2006.

External links

• (Ukrainian) (English) Official site: National Bank of Ukraine
• (English) Government portal of Ukraine - National Bank of Ukraine