The economy of Ukraine has been affected by the credit crunch. The private sector suffers despite closing more than 80 banks, high interest rates and an absence of credit markets. So, it is crucial to ensure financing of all spheres of production and circular flow of income. Are the National Bank and the government able to initiate loans? Would it be rational to found the Ukrainian Bank for Reconstruction and Development? What kind of non-bank financial resources could be used in Ukraine?