KIEV, Aug. 7 - The National Bank of Ukraine would be well advised to consider cutting the discount rate to 10.75% from the current 11%, said Valeriy Lytvytsky, the head of the group of advisors to the bank.

"I will recommend a 0.25 percentage point cut in the discount rate to 10.75%. Rates on secured overnight loans would also have to be lowered 0.25 percentage points to 15.75% and by 0.5 points for bank loans to 17.5%. It is possible a number of NBU's board members will not support that proposal," Valeriy Lytvytsky told Interfax.