andriy pyshnyy : introductory speech - workshop on monetary policy in emerging markets introductory speech by mr andriy pyshnyy, governor of the national bank of ukraine, at the nbu - eabcn workshop on monetary policy in emerging markets, kyiv, 15 december 2023. * * * dear colleagues, welcome to our traditional workshop on monetary policy in emerging markets. for the third time, we gather to discuss the main challenges for central banks and outline ways to overcome them in emerging markets. first and foremost, i would like to express my gratitude to the euro area business cycle network ( eabcn ) for their support in organizing this event. for the second consecutive year, we are organizing this workshop together, and i sincerely appreciate our productive collaboration. this year, we have placed a special emphasis on understanding the causes and consequences of the new wave of inflation worldwide. the one that shook the world during the post - pandemic recovery and gained particular momentum after the onset of the war in ukraine. almost every country in the world has felt the new wave of inflation, with emerging markets being the most affected. this is confirmed by the economic outlook presented by the imf in october. according to the imf, in 2022, inflation in developed countries averaged 7. 2 %, while in emerging markets, it was 10. 1 %. in some emerging markets, inflation exceeded 20 %. among these countries is ukraine, where we observed a substantial inflationary surge driven by the escalation of the war. the causes of inflationary processes, and even more importantly, the nature of risks for its escalation, can vary significantly across different countries. it seems that inflation has attacked the world from all sides, and in each country, it is targeting the'vulnerable'points in defense : from both demand and supply sides through uncertainty and turbulence in global energy and food markets through structural fragmentation in labor markets and changes in production and supply chains through potential debt crises and financial destabilization ultimately, through the security risks and active military conflicts. 1 / 4 bis - central bankers'speeches all of these factors have presented distinctive challenges for central banks, particularly given the constraints of our toolkit. in particular, these challenges stem from structural liquidity surpluses, escalating debt burden, dependence on the policies of developed nations, and the dynamics of international capital markets. economic theory and practical experience have demonstrated successful strategies in addressing inflation. nevertheless, today we

2005 ending with the card system ( namswitch ) in 2008. the namswitch system was implemented in a phased approach because of the nature of payments, facilities, and systems that are involved. the automated teller machine ( atm ) solution went live on 21 april 2008 and the point - of - sale ( pos ) was recently rolled out on 16 november 2008, thus bringing the reform project on the clearing side, to an end. ladies and gentlemen this is an achievement worth mentioning as namibia now has its own independent payment infrastructures, with the bank of namibia having adequate regulatory oversight over these systems. i am aware that to a normal eye, it is difficult to notice the changes that have taken place because this change was managed seamlessly. however with a careful eye significant benefits brought about by the reform are visible. for example it use to take about up two weeks to clear a cheque, now this only takes at most fives days and in most cases is less than that. ladies and gentlemen, on behalf of the bank of namibia and indeed on my own behalf, let me thank and commend the banking industry for a job well done. the industry has shown commitment in ensuring that all the systems were implemented. despite the slippages that we experienced along this journey, we have proven that in unison we can achieve greater things. it shows that with the spirit of teamwork we can achieve all what we intend to achieve. i believe that this is the path we will continue to follow in the future. ladies and gentlemen, we should all understand that reform projects are done with due regard to national interests. i do not believe that our intention to bring about reform initiatives will negatively affect the operation of the industry and nps. the bank of namibia understands that such initiatives are expensive and sometimes costs involved run into millions of namibia dollars. our position is that benefits far outweigh the costs incurred in the process. we all need a situation where if there are disruptions in the south african payment environment, for example, namibia catches no cold. building our own systems will also enable us manage inherent payment system risks and exposures sufficiently well. in conclusion, ladies and gentlemen, although milestones have been achieved in terms of implementing required clearing and settlement systems, certain issues remain to be addressed. i am aware that there are some card transactions that are still cleared and settled in south africa. i am pleased to learn that there are measures in place to ensure that such transactions are cleared and settled