The National Bank of Ukraine (NBU) is the central bank of Ukraine. Pursuant to the Law of Ukraine “On the National Bank of Ukraine” NBU is the central bank of Ukraine, a special central body of the state administration whose main functions are to issue the national currency of Ukraine on a monopoly basis and to organise its circulation in cash; to act as the creditor of last resort for banks and to organize the refinancing system; to regulate activities of the payment and settlement systems in Ukraine, to determine the procedure and forms of the payments, including the interbank ones; to establish for the banks the rules of conducting banking transactions; to exercise banking regulation and supervision; to establish the procedure of effecting transactions in foreign currency, to organize and exercise foreign exchange control over the banks and other financial institutions which are in possession of the National Bank’s license for the transactions with currency valuables. NBU shall establish and publish Ukrainian Hryvnia exchange rates against foreign currencies. The National Bank shall set face values, security features, payment attributes and design of banknotes and coins, and shall create the respective reserve funds. NBU shall provide safekeeping of bank and precious metals, gems and other valuables. The Bank shall ensure accumulation and custody of gold and foreign exchange reserves, conduct transactions with them. NBU shall establish the procedure for setting the refinancing rate and other rates related to its transactions; shall carry out licensing of banking and transactions in the cases prescribed by laws, and shall set the mandatory reserves (provisions) amount and formation order for the banks.