andriy pyshnyy : national bank of ukraine press briefing - monetary policy decisions speech by mr andriy pyshnyy, governor of the national bank of ukraine, at a press briefing on monetary policy decisions, kyiv, 12 december 2024. * * * dear colleagues, the board of the national bank of ukraine has decided to raise the key policy rate to 13. 5 % per annum. this decision is intended to preserve the sustainability of the fx market, keep inflation expectations in check, and gradually bring inflation down to the target of 5 %. in recent months, inflation has been rising faster than forecast by the nbu in november, inflation accelerated to 11. 2 % yoy. on the one hand, consequences of limited food supply due to this year's weaker harvests were an important driver of price growth. the impact of this factor on inflation is expected to be neutralized next year as new harvests enter the market. on the other hand, the inflationary surge is starting to look more and more fundamental, which is evidenced by further growth in core inflation. the latter is associated with increases in businesses'expenses on electricity and labor, as well as with exchange rate effects from the weakening of the hryvnia in previous periods. inflation expectations are relatively stable as of now. however, the risk that they might unanchor is increasing as households pay more attention to inflation processes. inflation is expected to slow in 2025 and move toward the 5 % target further on in the coming months, inflation is likely to continue to rise in annual terms due to the further impact of food supply factors, large budget expenditures, significant pace of wage growth, and wider energy shortages during the heating season. however, going forward, inflation should decelerate as the situation in the energy sector improves and harvests increase. this will also be facilitated by the nbu's monetary policy measures and an expected easing of external price pressures. in 2025, volumes of international financial assistance will be sufficient for nonmonetary financing of the budget deficit and maintaining the sustainability of the fx market in recent months, the risks of international financing inflows being insufficient in 2025 have declined substantially thanks to the progress made in the implementation of the ukraine loan cooperation mechanism, which envisages non - repayable macrofinancial 1 / 3 bis - central bankers'speeches assistance, as well as in the allocation of funds under extraordinary revenue acceleration loans. the nbu '

yakiv smolii : financial inclusion forum - opening speech speech by mr yakiv smolii, governor of the national bank of ukraine, at the financial inclusion forum, kyiv, 12 june 2019. * * * dear ladies and gentlemen, participants of the second international financial inclusion forum. today, the slogan leaving no one behind unites us all. why this particular slogan, you may ask. first, as a un member country, ukraine shares and supports the global sustainable development goals. we apply the principle leaving no one behind. second, if we explain the meaning of the term “ financial inclusion ” in one word, this word would be accessibility. technical accessibility and price accessibility. at present, over one third of people all over the world still have no access to financial services. our mutual goal is to reduce the share of ukrainians in this huge number. i will not be mistaken if i confidently say that all present here are aware of the fact – financial inclusion offers broader opportunities for people. access to loans advances business and access to insurance creates a safety cushion. for the least secured social groups, an access to high quality financial services means safety today and social mobility tomorrow. numerous studies, particularly by such respected international institutions as the world bank and the international monetary fund, have proved a strong connection between financial inclusion and financial stability. at the macroeconomic level this translates into the country ’ s capacity to tackle crises. at a personal level, it gives ukrainians a chance to be prepared for rapid changes and unexpected developments that have permeated the life of our country for the past two decades. ladies and gentlemen, it should be noted that financial inclusion is not only about an increase in the number of consumers of financial services, or their sales, so to say. it is about social responsibility – transparency and clarity of products to their consumers. protection of consumers is important because it is the prerequisite for the safe use of loans. it is impossible for anybody to benefit from the full potential of financial services without financial literacy. this is where the nbu sees great opportunities for everybody gathered here. anyone has a purpose and anyone can play a role : commercial sector can develop new technologies and offer progressive solutions 1 / 2 bis central bankers'speeches nongovernmental organizations can ensure control and enhance communal capacity in an informal way while we at the public sector will continue creating conditions for the increased well - being of ukrainians. what are our plans? first. the nbu will improve the