Taking into account international experience and the difficult conditions of liquidity management
 banks such terms loans are optimal.  In many countries,
 loans are exactly for up to 28 or 90 days (for example, the Fed
 Eurosystem, the Bank of England).  Practice has shown that the extension of
 of such loans is unfounded and could complicate monetary
 management.  Using time periods of different duration allows, with
 one hand, flexible and efficient use of the mechanism
 refinancing, and the second - to reduce the impact of fluctuations in liquidity
 end of the period, as targets of monetary aggregates
 At the end of the reporting period may be biased due to over-
 or underestimation of residues that are often formed on the last day of the period
 holding reserves.  In urgent circumstances the central bank can
 a mechanism rolovernoho prolongation of credits longer
 time [liquidity of the banking system of Ukraine: Scientific and Analytical
 materials.  Issue.  12 / VI  Mishchenko, AV  Catfish and others.  - Kyiv: Centre