philosophy of central banking. since the war's onset, we have accumulated a unique base of knowledge and solutions that has proved effective amid high uncertainty. over this time, the financial sector and the economy have gone from survival and adjustment stages to gradual recovery. along with solutions, we have also developed several insights that i expect you and i will augment during the panels today. 1. central banks should prepare for crises. in emergencies, we do not rise to the level of our expectations, we fall to the level of our preparedness. the idea of crisis preparedness is nothing new. it lies at the core of ensuring financial stability, which became a widespread part of central banks'mandates after the asian market crisis and was cemented as such by the 2007 – 2008 global financial crisis. in essence, crisis preparedness involves creating a system of buffers and an early warning system that operate on the principle " prepare today for what may come tomorrow. " central banks should not be afraid to take into account the relevant experience from different cases. the nbu started preparing immediately after russia annexed crimea in 2014. thanks to prearranged action protocols and a package of anti - crisis measures put into effect on 24 february 2022, we were able to stabilize the situation. we managed to prevent panic, stem capital outflows, and help the country fight and defend its independence. we pegged the exchange rate to the u. s. dollar and imposed administrative restrictions on fx transactions and cross - border movement of capital. we activated the banking system's business continuity protocols. have you ever heard of any countries where people could easily use payment cards amid a full - scale war, even on its first day? i know of only one such country. ukraine. not a single payment was denied, not a single ukrainian bank stopped operating. people had uninterrupted access to their money and continued to keep their deposits in banks. we supported the country's budget by issuing uah 400 billion in monetary financing as ukraine waited for financial support from partners. we did it because the defense forces needed immediate funding. a tactical medicine phrase i often use to explain the essence and importance of crisis response is very apt. in the event of severe injury ( which is how you can describe the invasion's impact on the ukrainian economy ), compress the damaged blood vessels with a tourniquet to stop the bleeding as soon as possible. our emergency measures became such a tourniquet for the financial system

% on refinancing loans. the interest rate on three - month certificates of deposit will continue to equal the key policy rate. 3 / 4 bis - central bankers'speeches on the one hand, taking into account improved inflation expectations and the inflation forecast, the current and projected decrease in interest rates on nbu operations will maintain the attractiveness of hryvnia savings. on the other hand, the cut in nbu interest rates will support economic recovery on the back of persisting macrofinancial stability. the nbu will continue to cut its key policy rate, provided the fx market remains stable and inflation declines over the forecast horizon. when easing fx restrictions and transitioning to a more flexible exchange rate regime, the nbu will take into account the need to maintain the high attractiveness of hryvnia assets. the nbu's revised macroeconomic forecast envisages further key policy rate cuts. the key policy rate will be cut gradually, and provided the conditions allow it, so as not to undermine the trend towards a steady decline in inflation or fx market stability. that said, the nbu is not compelled to stick to its key policy rate forecast. given high uncertainty, any further decisions and revisions of the nbu's key policy rate forecasts will largely depend on whether or not the forecast's assumptions materialize, as well as on the trends of key macroeconomic and financial indicators. thank you for your attention! 4 / 4 bis - central bankers'speeches