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, 19 september 2024. * * * dear colleagues, the board of the national bank of ukraine has decided to keep its key policy rate at 13 %. this decision will help gradually bring inflation back to the target of 5 % in the coming years and support the sustainability of the fx market. inflation has expectedly accelerated in recent months in august, consumer inflation rose to 7. 5 % in annual terms, which was close to the forecast the nbu made in july. the underlying inflationary pressure, measured by core inflation, also increased to 6. 5 %. the growth in consumer prices was driven by the impact of lower harvests, businesses'larger expenses, and the effects of the weakening of the hryvnia in the previous months. however, inflation expectations remained rather sustainable. the pressure on prices will persist in the near future, but inflation will slow next year inflation will rise moderately in the coming months due to an increase in aggregate demand against the backdrop of budgetary spending, businesses'larger expenses on wages and electricity, and higher excise taxes. however, the nbu's prudent monetary policy and lower external price pressures will contribute to a gradual decline in inflation and its return to the target of 5 % in the coming years. to meet the target, the nbu will, in particular, maintain a manageable situation on the fx market. international reserves are being kept on a level sufficient for ensuring the sustainability of the fx market in august, ukraine received a large amount of international financial assistance. at the same time, the nbu's interventions to sell foreign currency declined substantially on the back of a decrease in net demand from businesses and households. as a result, ukraine's international reserves exceeded usd 42 billion as of the start of september. the staff level agreement on the fifth review of the imf program reached in september was another positive signal that volumes of international assistance will continue to be sufficient and macrofinancial resilience will be maintained. 1 / 3 bis - central bankers'speeches considering the above and the sufficient set of available instruments, the nbu will remain fully capable of supporting the sustainability of the fx market, prevent excessive exchange rate fluctuations, and ensure that the exchange rate moves both ways.

andriy pyshnyy : inflation targeting in a world of large and persistent shocks speech by mr andriy pyshnyy, governor of the national bank of ukraine, at the workshop " inflation targeting in a world of large and persistent shocks ", organised in cooperation with the euro area business cycle network ( eabcn ), kyiv, 25 november 2022. * * * dear colleagues, i am happy to welcome you at the workshop inflation targeting in a world of large and persistent shocks. the nbu is hosting this year's event in cooperation with the euro area business cycle network ( eabcn ). let's hope that this workshop becomes a good tradition. the event has yet again convened leading experts, academia representatives, researchers, and skilled monetary policy practitioners. this highly professional panel will discuss challenges that central banks around the globe are or will be facing as they pursue their core mandates by ensuring price stability for sustainable economic development. despite being country - specific, these challenges often have much in common. this is especially true for emerging markets. this is why, now more than ever, it is important that we share our experience and jointly seek solutions to key issues. today we are aiming to answer three questions : first. how to ensure the effectiveness of inflation targeting with limited monetary policy transmission? second. how to strike the optimal balance between fiscal and monetary policies? third. what are the features of inflation targeting with varying credibility? without a doubt, these are the hot topics of the day. for the first time in four decades, the world is facing risks of the simultaneous occurrence of persistently high inflation and a global economic slowdown. with elevated uncertainty following the covid - 19 pandemic and russia's invasion of ukraine, the world has encountered a series of economic shocks that have triggered a perfect storm of conditions for an accelerated increase in inflation. those include : demand - driven pressure caused by pent - up consumption and significant stimulus programs of central banks and governments during the covid - 19 crisis supply shocks triggered by structural breaks in production chains at the domestic and international levels energy and food price shocks that had a rapid effect on consumer prices under the conditions noted above. 1 / 3 bis - central bankers'speeches global inflation is expected to accelerate to 8. 8 % in 2022 from 4. 7 % in 2021, according to the imf's updated forecast. at the same time, global economic growth will decrease to 3. 2 % in