yakiv smolii : national bank of ukraine press briefing - monetary policy statement speech by mr yakiv smolii, governor of the national bank of ukraine, at a press briefing on monetary policy, kyiv, 24 october 2019. * * * dear colleagues, please be informed that the board of the national bank of ukraine has decided to cut the key policy rate to 15. 5 % per annum effective 25 october 2019. the nbu continues the cycle of monetary policy easing as inflation is steadily declining towards the target of 5 %. what price developments followed the last monetary policy meeting? in september, consumer inflation declined to 7. 5 % yoy, below the nbu ’ s july forecast. inflation continued to slow in october according to the nbu ’ s preliminary estimates based on online analysis of prices. the steady disinflation has been driven by a gradual easing of underlying pressures on prices. that was reflected in a rapid slowdown of core inflation. the tight monetary policy was one of the reasons behind the strengthening of the hryvnia and improvement in inflation expectations. with a time lag, that produces a major impact on prices, offsetting the effect of the sustained consumer demand and worse harvest of some vegetables, which push prices upwards. what will be the future trajectory of inflation? same as before, the nbu expects inflation to decline to 6. 3 % as of the year - end. on the one hand, core inflation will slow more than expected, while fuel prices will remain below last year ’ s levels due to the stronger hryvnia. on the other hand, smaller supply of some vegetables will push prices upwards. however, these factors will offset each other, which leaves this year ’ s inflation forecast unchanged. inflation will meet the target range of 5 % + / - 1 pp in early 2020 and reach the medium - term target of 5 % at the end of 2020. as in 2019, tight monetary conditions will curb price growth. despite the fact that the key policy rate is reduced gradually, its real value will remain high on the back of improved inflation expectations. relatively high real interest rates will keep hryvnia financial instruments attractive for investors and thus support the exchange rate of the national currency. as a result, the more favorable fx market will neutralize the pressure domestic demand has on prices, which will be somewhat higher according to the new forecast. other factors behind the gradual disinflation will include : a prudent fiscal policy

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, 27 july 2023. * * * the board of the national bank of ukraine decided to cut the key policy rate to 22 %. rapid disinflation and sustained fx market conditions enabled the central bank to start the cycle of key policy rate cuts. taking into account an improvement in inflation expectations and inflation forecast, the current and forecast rate cuts conform to maintaining the attractiveness of hryvnia savings. this is an important element for ensuring exchange rate stability at the stage when fx restrictions are eased and the nbu makes the exchange rate more flexible. at the same time, reducing the key policy rate against the backdrop of sustained macrofinancial stability will support economic recovery. consumer inflation decelerated to 12. 8 % in june, which exceeded the nbu's expectations. in addition to the base effect, supply factors and a decrease in global energy prices played an important role. measures taken by the nbu – in particular, an increase in reserve requirements and a change in the operational design of monetary policy – also had a significant impact on price movements. these steps contribute to a significant increase in bank interest rates on term deposits and the strengthening of the cash exchange rate of the hryvnia. the nbu's aml / cft and currency supervision measures also contributed to fx market sustainability. the exchange rate factor eventually drove a decline in inflation and an improvement in expectations, which was also supported by the absence of monetary financing of the budget this year. having considered the favorable dynamics of h1, the nbu revised its 2023 inflation forecast significantly upward, from 14. 8 % to 10. 6 %. the growth in prices will slow due to a gradual decline in global inflation and monetary conditions remaining tight in ukraine. the nbu will safeguard sustainability of the fx market and keep hryvnia assets attractive enough. this will restrain price pressures. tariffs being frozen for the majority of utility services will play an important role. 1 / 4 bis - central bankers'speeches at the same time, further disinflation will be slower than in the previous months. this is driven by the waning of the base effect, returning to the pre - war level of the fuel tax, and the increase in electricity prices in