KIEV, June 14 – The latest steps of the National Bank of Ukraine to cut the discount rate, refinancing rates and deposit certificates rate not only give a signal to the market to cut the cost of borrowing, but also promote crediting and ensure the economy will recover thanks to offering an incentive to domestic consumption, according to Valeriy Lytvytsky, the head of the group of advisors to the NBU governor.

"The cutting of rates by the NBU is really decreasing the cost of borrowing on the market, leading to a fall in deposit rates and stimulating consumption, which is necessary for the recovery of the Ukrainian economy," he told Interfax-Ukraine.