in 15 september 2023, the nbu board decided to cut the key policy rate by 2 pp, to 20 %, which is in line with the trajectory of the july forecast. the interest rate on three - month certificates of deposit will continue to equal the key policy rate. meanwhile, the nbu board cut the interest rate on overnight certificates of deposit by 2 pp, to 16 %, and that on refinancing loans by 2 pp, to 22 %. the controlled easing of interest rate policy will provide additional impetus to the economic recovery, without threatening macrofinancial stability during the implementation of the strategy for easing fx restrictions. what is more, the nbu will adjust the parameters of the operational design of its monetary policy. more specifically, the nbu will decrease, to 35 %, the share of existing household term deposit balances which are used to calculate the limits on the banks'purchases of three - month certificates of deposit. this will further encourage the banks to compete for depositors, and to expand their term deposit portfolios. these changes will come into effect from 18 september. looking ahead, the nbu plans to continue its key policy rate cutting cycle. the central bank will do this, while balancing the cuts against the need to maintain the attractiveness of hryvnia assets, which is key to a sustainable fx market and a steady decline in inflation. that said, given great uncertainty and high war - related risks, the nbu will act cautiously, so as to be able to safeguard macrofinancial stability in future. if expectations deteriorate, the attractiveness of hryvnia instruments declines noticeably, and risks to exchange rate stability increase, the nbu will adjust its decisions and key policy rate forecast accordingly. thank you for your attention! 3 / 3 bis - central bankers'speeches

question too … jean - claude trichet : i guess so, yes. i would say that the correct response is that we are in a situation where central banks in particular, and also other authorities, have to remain alert and have to know that we are in an uncertain universe. we always have to be prepared for new challenges that can not necessarily be foreseen and that might be in some respect unpredictable. we have permanently to be in a state which i call credible alertness. financial times : how close did the euro area come to disaster in may? jean - claude trichet : no, i don ’ t think that the euro area was close to disaster at all – seen from inside. i know how europe functions. i know how the constellation of authorities functions, at the level of the various nations and at the level of the european institutions,. seen from the outside, i would say that it ’ s always difficult for external observers to judge and analyse correctly the capacity of europe to face up to exceptional difficulties. there is no other model to which we can refer – either in history or in a fully fledged political federation such as the us, and certainly not in comparison with centralised states such as japan or the uk. but i ’ m always confident. in may we had additional proof of the capacity of europe to cope with new challenges. financial times : can you explain why [ in may ] the ecb changed its mind on government bond purchases? there was a lot of criticism in germany especially. jean - claude trichet : when i talk of “ credible alertness ” i really mean it. when we decided on 9 august 2007 that it was appropriate to embark in an unlimited supply of liquidity in our own money market, and we supplied 95 billion euros for 24 hours, that was not a decision that was in the textbooks. we were criticised a little bit at the time, and then, after a while, it was recognised that this decision had been wise and lucid. so in may this year i would say that we were in a situation where it was considered appropriate by the governing council of the ecb to take the decision, as i said earlier, to help restore a more normal functioning of our own monetary policy transmission mechanism. we had previously purchased covered bonds and we had not excluded intervening in other markets. financial times : what lessons do you draw in terms of euro governance from this crisis to date? jean - claude trichet : first of all, we are