A review on National Bank of Ukraine
The National Bank of Ukraine
The National Bank of Ukraine is the central bank of Ukraine. It is the top bank operating in the country which carries out the functions of the central bank of Ukraine just like other countries have the central banks and the reserves. The national bank of Ukraine is controlled and owned by the federal government of the country and through the medium of the bank, they are able to carry out the regulations in the country in terms of, issuance of the national Currency, regulations of the national Currency, the control of the fiscal Policies, the monetary policies and the control and regulations of interest rates in the economy.
Functions of the national Bank of Ukraine
The functions of the national Bank of Ukraine includes
- it controls the circulation of money
- it helps to strengthen the value of the national Currency
- it supervises the activities of other banks like the commercial banks and other Financial Institutions
- it is incharge of regulations of the banking policies in the country
- they are in charge of issuance of the national currency
- it generally coordinates and control the functioning of the banking system in the country
- it devices the protection system for bank notes
- they determine the denomination of bank notes and design the bank notes
- they are in charge of the reserve of the government funds and assets
- they give permission and license for other banks to function in the country
Advantages of the national Bank of Ukraine
The advantages of the national Bank if Ukraine includes
1. They are excellent in the maintenance of the standard if banking across the country
2. They control the interest rates in the country to enable effective borrowing and a favourable business environment
3. They help to curb and tackle Inflations in the economy
4. They are actively involved in the development of the economy and infrastructure
5. They support Businesses to grow
6. They render advanced and innovative services in the country which helps to make the banking system easier and faster in the country.
Disadvantages of the national Bank of Ukraine
1. They have strict rules which may be difficult for some start up banks to meet up with. Although this is done so as not to compromise the standard of the banking system in the country.
