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, 23 april 2020. * * * dear colleagues, please be informed that the board of the national bank of ukraine has decided to cut the key policy rate to 8 % per annum. the continued monetary easing aims to support the economy during the period of pandemic and quarantine. what inflation developments followed the last monetary policy meeting? in march – april, inflation remained even lower than the nbu had expected, despite the temporary price growth in the first weeks of the quarantine. last month, inflation declined to 2. 3 %. price growth was restrained by three major factors. first, lower global energy prices. second, residual effects of last year ’ s appreciation of the hryvnia. third, a larger supply of raw foods. these factors outweighed the effect from the weakening of the domestic currency in march and the panic buying of some goods in the first weeks of the quarantine. according to preliminary data from nbu online monitoring, inflation remains low in april, at less than 3 %. high demand for essential goods waned quickly. as a result, prices for most food products and medicines, which had grown in the first weeks of the quarantine, have declined in recent weeks. the foreign exchange market also calmed. in march, with foreign currency supply on the interbank market remaining almost unchanged, a spike in demand put a depreciation pressure on the hryvnia. however, in april not only did demand drop below the level of supply, but also the net supply of foreign currency is now even higher than it was in february, before the epidemic and quarantine began in ukraine. therefore, the hryvnia strengthened somewhat this month, and the nbu can cautiously resume purchases of excess foreign currency from the market in order to replenish the international reserves. how will inflation behave in the future? in 2020, inflation will remain within the target range of 5 % + / - 1 pp. price growth will accelerate moderately in the coming months, to reach 6 % at the end of 2020. fiscal and monetary policy measures that are aimed to support businesses and households will partially offset the decline in consumer demand. however, consumer demand will remain subdued for long after the quarantine ends. this will keep

andriy pyshnyy : national bank of ukraine press briefing - monetary policy statement speech by mr andriy pyshnyy, governor of the national bank of ukraine, at a press briefing on monetary policy, 20 october 2022. * * * dear colleagues, please be informed that the board of the national bank of ukraine has decided to keep its key policy rate at 25 % per annum. with exchange rate stability supported by the key policy rate and the nbu's additional measures, inflation processes will remain under control. as expected, inflation has been rising amid the full - scale war, but it remains controllable. the main reason for the rise in inflation remains the same - the consequences of the full - scale war. they include : supply chain disruptions and destruction of production facilities, which result in : reduced supply of goods and services and higher costs incurred by businesses. additional pressure on prices came from the correction of the official uah / usd exchange rate in july, which enhanced the resilience of the ukrainian economy. a further rise in global inflation also influenced prices in ukraine. fixing utility rates and the saturation of the domestic fuel market while keeping the preferential tax regime for fuel slowed price growth. the planned reduction in budget financing by the nbu in july - october was restrained by a deterioration in inflation expectations. inflation will reach around 30 % at the end of this year, but it will slow in the next years provided that security risks subside and monetary and fiscal policies are well coordinated. this year's rise in inflation is rather moderate considering the challenges of the war in and inflation reaching its highest levels over many years in many countries. the nbu expects inflation to decline from the next year onward thanks to : a gradual setting up of logistics and production a slowdown in global inflation 1 / 4 bis - central bankers'speeches moderately tight monetary conditions prudent monetary policy of the government and refusal from monetary financing of the budget. a decline in security risks, which is the main assumption of the nbus baseline forecast, will allow : improving inflation expectations lowering business risks reducing production costs and setting up logistics recovering the production capacity. all of this will contribute to inflation declining below 21 % next year and to below 10 % in 2024. a faster decrease in inflation will be restrained mainly by high energy prices, which will require to gradually bring utility tariffs to market levels. after a deep fall at the start of the war, economic activity is gradually