according to the law of ukraine "on the national bank of ukraine", the national bank is the central bank of ukraine, a specific central body of the state administration, its issuing center which pursue common state policy in money circulation, credit, strengthening of monetary unit; it coordinates functioning of the banking system in general; determines exchange rate of the monetary unit against foreign currencies. the national bank determines a kind of bank notes, their denomination, distinctive features and their protection system. the national bank of ukraine ensures the accumulation and custody of the gold and currency reserves and the conduction of transactions with them and the banking metals. the national bank of ukraine sets up the order of determining a discount rate and other interest rates; it gives permission for commercial banks' registration and licenses banking business; determines the standard of emergency funds for commercial banks and other financial and credit institutions.