In addition, in order to secure the appropriate time horizons for deciding on our monetary policies, and to strengthen the linkage between monetary policy and our economic forecasts, we plan to reorganize the framework for Monetary Policy Board meeting operation, with effect from next year. We need to thoroughly prepare so that this can be achieved without delay.
These loans will be issued at a floating interest rate and secured with the same collateral as loans that are granted through tenders. The NBU is currently finalizing technical preparations for the introduction of this tool, and plans to hold the first auction on granting long-term refinancing loans as early as the first half of May.