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The business community believes there is a lack of coordination of actions between the National Bank and the government on regulating the economy and implementation of the monetary policy. There is no relationship between the discount rate as the benchmark value of funds attracted and deposited and the level of costs of banking resources. A tough policy of the national regulator creates obstacles to the implementation of a continuous production process and complicates the sales activities of companies. This has been underlined in the updated anti-crisis program of joint actions of the government and businesses developed by hundreds of entrepreneurs, industrialists, scientists and analysts.
A slow-pace adjustment of the NBU discount rate (from 30% to 22% over the six months) could lead to a decline of the domestic industrial sector, as noted by the ULIE and the Anti-Crisis Council of NGOs.
In developed countries, the discount rate is no higher than 1%. Ukraine's neighboring countries (Poland - 1.5%, Hungary - 1.35%, Turkey - 7.5%) have indisputable advantages over Ukrainian business in terms of accessibility to credit funds.
The effect of these and other rules enacted by the NBU has already caused imports and exports to shrink, with the latter contracting by 35%.
Banking institutions have also curbed vital lending programs, due to uncertainty in their sector. This is, primarily, due to lack of transparency regarding refinancing, loss of public confidence in financial institutions, depletion of "residual" investment resources due to expansion of the tax base.
The absence of a systematic approach undermines domestic resources, according to the business community. It is illogical to impede performance of business and investors, which runs contrary to national interests, while scaring away foreign partners.
The business community has developed a set of measures included in the above-mentioned anti-crisis program that will help revitalize monetary and credit constituents of the national economy.
First of all, the business community emphasizes the need to develop a national bank lending program for the real sector of the economy. It should be based on market approaches and adequate credit costs.
The bank refinancing system should also be improved, while creating incentives to expand lending to priority sectors, implementing programs of import substitution, production of socially vital products, implementing energy efficiency projects.
The anti-crisis plan also envisages a provision on boosting the hryvnia-denominated credit portfolios. Such measure will strengthen the national currency and create predictable conditions for the financial sector, business and citizens.
Exporters are very interested in developing their export potential. In addition to government support in finding new markets, another instrument that will help to boost exports is reducing the share of compulsory sale of foreign currency earnings from 75% to 50% and abolishing the 90-day settlement period for export / import of goods. For companies with long-term production cycle (the military-industrial complex, mechanical engineering, etc.) it is necessary to extend a period of selling foreign exchange earnings under foreign transactions.
Ukrainian industrialists also propose the acceleration of the launch of pilot projects in Ukraine regarding credit guarantees for SMEs, primarily in the agricultural sector, with further transfer of the experience across other economic sectors.
At the same time, those projects that have a priority importance for the national economy, e.g. in energy sector, must enjoy a complete "state insurance" of their performance, and not be abandoned amid fluctuations in the financial market.