quality of regulation and lay the grounds for strengthening the financial sector. our foremost task, as we see it, is enhancing protection of rights of financial services consumers. i will be honest with you – at the nbu we truly hoped that ukraine would get a real protection system guaranteed by laws. but the parliament decided otherwise. however, this is not an excuse to abandon people with their problems with banks and nonbank financial institutions. today, i am very happy to inform you of the following : the nbu assumes responsibility for protection of rights of financial services consumers and establishes a special unit in charge of these issues. first of all, it will enable regulation of the information disclosure system that will deal with information on financial products and services. information transparency is at the core of trust in the financial services and safeguards higher prosperity of the public. we will continue our work on people ’ s complaints, but from now on it will be more systematic. the chain “ complaint – response – changes in regulations ” will become shorter and more efficient. this will help reduce the number of misunderstandings between financial institutions and their customers, improve their information awareness, and teach the financial market to address their customers ’ questions and comments. second. the nbu has assumed the leadership and developed a vision for the future strategy of financial literacy. why does the central bank need it, considering that we are not part of the education system? our goal is to prepare young people for life in the real world full of challenges and rapid changes. today, we encourage everybody present to join in common work based on our vision. i hope in a year we will be able to sum up our first results. ladies and gentlemen, i am confident that many of you have joined the forum with brilliant ideas of how to make financial services more accessible for ukrainians. so, let ’ s get to work! 2 / 2 bis central bankers'speeches

gdp. the detailed information we receive from liaison suggests that this decline has quite a long way to go yet, though there are still some large projects ongoing in the gas sector that will hold investment for a few years at what would once have been seen as very high levels. as the expansionary effect of very high levels of mining investment is unwound, even if only partly, other sources of demand will need to play a stronger part in driving growth in the economy. it ’ s very clear that growth in export volumes for resources is very strong. indeed, the contribution of “ net exports ” to growth in real gdp has over the past year or two been the largest for more than a decade. even so, we need stronger growth outside the resources sector. after several years of quite subdued growth, we estimate that non - mining activity has picked up some speed over the past year ( graph 5 ). 1 but it would be good to see some further strength here, as the decline in mining investment activity continues. there are sufficient spare labour resources such that we could probably enjoy a couple of years of non - mining sector growth somewhat above its trend rate before we needed to worry too much about serious inflation pressure. the nonresource traded sector could contribute to such growth. the decline in the exchange rate will be of some help here, but the currency remains above most estimates of its fundamental value, particularly given the further declines in key commodity prices in recent months. an exchange rate more in line with fundamentals would be a helpful contributor to a balanced growth outcome. graph 5 as for domestic sources of demand, an obvious contributor is the set of forces at work in the housing sector. investment in new and existing dwellings is rising. it ought to be possible, if we are being sensible both on the demand management side and the supply side, for this to go further yet and, more importantly, for the level of activity to stay high for longer than the average cyclical experience. a high level of construction, maintained for a longer period of time, is vastly preferable to a very sharp boom and bust cycle. that alternative outcome might give us a higher peak in the near term, but then a slump in the housing sector at a time when the fall in mining investment is still occurring. a sustained period of strong construction will be more helpful from the point of view of encouraging growth in non - mining activity – and estimating non - mining activity requires an estimate of imports used in mining activity. this