- •The national bank of ukraine Text a
- •Some historical data
- •Understanding the details
- •1. Reading tasks
- •2. Agree or disagree
- •3. Prepare a brief presentation on sound approaches and principles of construction work of nationally important projects text b
- •2) What are possible functions of the nbu?
- •The national bank of ukraine
- •Understanding the details
- •1. Reading tasks
- •2. Fill in the blanks in this passage, using words from the box given below:
- •3. Explain the meanings of the underlined words from the text given below after you have consulted the English-English dictionary. Bank supervision
- •4. Join the halves.
- •5. Agree or disagree
- •6. Fill in the blanks in this passage, using words from the box given below:
- •7. Find in text b the following words and word combinations and translate the sentences in which they are used:
- •8. Find English equivalents to the words and word combinations given below:
- •9.Write a 50-word annotation of the following text: Організація внутрішнього аудиту в комерційних банках України та взаємозв'язок з зовнішніми аудиторами
- •10. Case study
- •11. Opposites and synonyms.
- •12. Read the text and explain the underlined words using the English-English dictionary
- •13. Complete the sentences using your own words:
- •14. Match the words and word combinations given on the left with their dictionary definitions given on the right.
11. Opposites and synonyms.
For each of the following words you should provide a word with the same or similar meaning and a word which is opposite in meaning.
Word |
Synonym |
Opposite |
cost |
expense |
revenue |
uniform (adjective) |
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creation (noun) |
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exclusive (adjective) |
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network (noun) |
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reserve (noun) |
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general (adjective) |
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accumulate (verb) |
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grant (verb) |
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protect (verb) |
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risk (noun) |
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borrower (noun) |
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stability (noun) |
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develop (verb) |
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set up (verb) |
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steady (adjective) |
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12. Read the text and explain the underlined words using the English-English dictionary
The situation changed long ago when the NBU impeded inflation rates and provided for financial stability.
A number of restrictive measures were taken for this purpose:
discount rate was raised;
interest on banks' credit and deposit operations reached positive level relative to inflation rates;
norms of required reserves were raised;
credit auctions were introduced instead of credit resources centralized distribution. As a result funds distribution among banks has acquired a market character;
operations with state securities were introduced as the main source of covering the budget deficit.
All these measures had a positive impact on the dynamics of inflationary processes in Ukraine. However, even this stage of the NBU's monetary policy can be considered monetarist only conventionally. The above aspects of this policy were directed primarily at restricting money supply. Thus, the NBU's monetary policy can be considered monetarist only to the extent of its anti-inflationary orientation.
Monetarism in its classical understanding also envisaged money demand stability, which is not inherent in the Ukrainian economy since its real sector has not been subject to qualitative changes directed at its structural reformation. Without proper institutional transformations and changes in the taxation and financial systems (primarily in the sphere of budgetary expenses) it is too early to speak about achievements of macroeconomic stabilization.
So, if the monetary policy as a means of reforming the economy is considered one-sidedly, without taking into account the interrelation of all components of the economic reform, it will continue to be estimated from the extreme points of view: as a panacea for overcoming all crisis phenomena, or as a reason of the reforms failure. Both the first and the second estimates will be as far from the truth as the identification of the current monetary policy in Ukraine with monetarism.