this is not the strategy ’ s only feature. also for the first time ever, we have changed the philosophy of our relationship with individuals and institutions as clients with which we interact and for which we work every day. paraphrasing what president kennedy said in his inauguration speech over 60 years ago, i would say, “ ask not what your stakeholders can do for your central bank – ask what your central bank can do for its stakeholders. ” 1 / 3 bis central bankers'speeches the need to be client - oriented sets a new and, let ’ s be frank, a high bar for the ability of central banks to build and maintain dialogue. it goes without saying that central banks use communications as an important policy tool. but it is important to remember that transparency must be effective. it must help central bank pursue its mandate, which consists in ensuring price and financial stability. during these two days, we will discuss this aspect of central bank transparency on more than one occasion. but it ’ s time for us to admit that this passive, one - way communication, when central banks used to make everybody listen with bated breath to whatever scanty and vague words they had to offer, no longer works. ultimately, this approach undermines the effectiveness of central bank policy. “ if you don ’ t understand us, it ’ s your problem ” is the rhetoric that is outdated and obsolete. today, if you – our clients – have difficulty understanding us, it ’ s our problem. institutions that make themselves heard and understood are the only ones that get public trust. institutions that have public trust are the only ones that receive support and commitment. institutions that have public support are the only ones that can withstand the pressure of populism, fake news, manipulations, and attempts to turn these institutions into instruments for certain business interests that run counter to the interests of the people. under these circumstances, the central bank should transform taking the corporate sector as an example and begin to finally listen to clients and seek two - way communication. when communicating with clients, the central bank should take an individual approach to every client, choosing words that are intelligible and important and ones that interest the client. at the same time, the central bank must choose communication platforms that are suitable for every party. long story short, the need to be client - oriented compels banks to transition to targeted communications. we at the nbu have been moving in that direction for five years running. the groundwork for greater transparency

. moderate inflation pressures leave room for that. other central banks are actively cutting their key policy rates and providing additional monetary stimulus. these countries are also trying to find the reasonable boundary beyond which productive stimulus to the economy becomes an excessive desire to flood the economy with money, which could undermine macrofinancial stability. in view of the above, the nbu continued to ease monetary policy, by cutting the key policy rate by 2 pp, to 8 %. together with other measures taken by the nbu, this will provide the economy with the impetus required to provide support for households and businesses in these difficult times, and to ensure that business activity picks up quickly once the quarantine is lifted. at the same time, these measures will not threaten macrofinancial stability in ukraine. how does the nbu intend to change the key policy rate in future? the central bank plans to cut its key policy further, to 7 % in the current year. in deciding how quickly the key policy rate can be decreased to that level, the nbu will take into account : how talks with the imf progress how the coronavirus pandemic develops and how quickly quarantine measures are lifted what anti - crisis measures other governments and central banks adopt. the nbu leaves open the possibility of a greater easing in monetary policy this year if a fall in consumer demand due to quarantine measures and weaker business activity put stronger downward pressure on inflation than is currently expected. before we proceed to the questions and answers session, i have an announcement to 3 / 4 bis central bankers'speeches make. over the last month, the nbu has been actively developing a set of tools to support the economy. these tools will enable the nbu to provide banks with greater access to financing, which they could use for lending to the real economy. this should increase the stimulus provided by the cut in the key policy rate. the nbu seeks to enable banks to help the economy get back on track for growth once the quarantine is lifted. all of these measures will be introduced gradually in april – june. first, starting next week, the nbu plans toextend the term of the refinancing loans that are granted through weekly tenders, from 30 to 90 days. second, the central bank intends to expand its list of eligible collateral that banks can use to obtain financing using standard liquidity support instruments. the nbu is looking into the possibility of incorporating government - guaranteed corporate bonds and municipal bonds