AN ESTIMATION OF ACTUAL AIMS OF THE NATIONAL BANK OF UKRAINE IN FORMING AND REALIZATION OF MONETARY POLICY

On the basis of analysis of interest rate according to credits the overnight credits on the banking market empirical verification of intermediate aims of monetary-credit policy in Ukraine has been carried out. As alternative special purpose variables are examined: rates of change of nominal currency of national exchange rate against USD; logarithm of the real effective currency of the national exchange rate, logarithm of amount (M0, M3) of money and logarithm of money base. The obtained result testifies to the correlation of interest rate at the market with the level of money proposition, which is explained not by reaction of the National bank of Ukraine on monetary development, but by the dependence of values of interest rate, at the market on the level of money proposition.