days into the war. in the first hours of the invasion, and further on, the nbu received overwhelming support from central banks and international organizations and institutions. the unprecedented support we have obtained from the international monetary fund, the world bank, the european union, and the united states has been truly invaluable, and has enabled ukraine not only to confront the consequences of the war, but also to look ahead and plan for long - term recovery. 3 / 4 bis - central bankers'speeches we took full advantage of this help, and now that we are on the path to recovery, we are actively exchanging our experience with our colleagues from other countries, via events such as this workshop. sharing knowledge is also a powerful resource, and, we are excited to share our expertise with you while continuing to refine our approaches. the challenges facing us may differ, but we all share a common goal – to create a sustainable economy capable of ensuring the stable development of countries. i believe that integrated approaches, the exchange of experience, and international cooperation are key elements for success in this endeavor. today we will review cutting - edge research into topics such as fx interventions, capital controls, international reserves, and the interaction between fiscal and monetary policies. we will be honored to hear a report from leading imf economists jesper linde and marcin kolasa on the integrated policy framework. i'm confident that their presentation will set the foundation for fruitful discussions on the practical aspects of an integrated approach. another highlight of today's workshop will be a presentation of the imf's extended quarterly projection model, or qpm. following the qpm presentation, we will hold a panel discussion with leading industry experts, chaired by natan epstein of the imf, about the specifics of implementing an integrated approach in our core macro models. this is of great practical importance to us, as we have been working closely with the imf team to improve our own modeling toolkit. i hope that today's event will be a source of new ideas and solutions for us all. thank you for your attention, and i wish you productive discussions!. 4 / 4 bis - central bankers'speeches

kyrylo shevchenko : national bank of ukraine press briefing monetary policy statement speech by mr kyrylo shevchenko, governor of the national bank of ukraine, at a press briefing on monetary policy, 21 july 2022. * * * dear colleagues, i would like to inform you that the board of the national bank of ukraine has decided to keep the key policy rate at 25 % per annum. the decision to raise the key policy rate taken in june will continue to push up market rates. improved attractiveness of hryvnia assets, coupled with the change in the official exchange rate, will dampen demand on the fx market. this will allow maintaining sufficient international reserves and ensuring macrofinancial stability in ukraine. how have prices changed since the onset of the war? inflation has been accelerating but is under control. in june, the pace of growth in consumer prices was 21. 5 % yoy. the consequences of the war are the main reason for the rise in inflation. they include a disruption of supply chains, a decrease in supply of some goods, higher business expenses, physical destruction of production facilities and infrastructure, and temporary occupation of some territories of ukraine. persistently high global energy prices and record - high inflation in trading partner countries also fueled price pressures in ukraine. on the other hand, administrative measures of the nbu and the government – namely, fixing the hryvnia exchange rate and natural gas and heating tariffs – restrained inflation. how will prices behave going forward? inflation pressures will persist in late 2022 : consumer prices will grow by more than 30 % yoy. the consequences of the war and high global prices, especially energy prices, will remain the main factors. under such conditions, the nbu will conduct tight monetary policy. it will allow maintaining inflation expectations, raising interest in hryvnia assets, and reducing pressures on international reserves. these measures will support financial stability and partially lower inflationary pressures. the nbu's baseline scenario contains a number of assumptions, including the assumptions that in 2023 logistics will recover, businesses will face lower risks, and 1 / 4 bis - central bankers'speeches harvests will increase gradually. such developments will help improve inflation expectations and reduce inflationary pressure by partially overcoming the adverse effects of the war that restrain the recovery of supply. a decline in global inflation and the nbu's tight monetary policy will additionally foster disinflation. at the same time, persistently high energy prices will limit di