the definition of price stability, monetary policy instruments and their effects ( both main effects and potential side effects ), as well as our communication practices. in a long - term outlook, we are also going to assess the importance of digitalization, financial stability, globalization, and climate change from the perspective of monetary policy. needless to say, such themes continue to be important topics for future research. many of them have already been raised during this workshop. another topical and important theme in economic research and central banking is the interaction between monetary policy and inequality. we are also going to pay attention to this topic. * * * let me conclude here. it is necessary to understand and learn from both the wins, or target hits, and mistakes, or target misses. yet, even as we are seeking to move forward, we are confronted by the reality of the complex and rapidly evolving world. it is now more than ever that the cbs should turn this challenge into a new opportunity to create a more exciting future, which will be associated with price stability. with that in mind, i would like to thank you all again for being part of this event full of valuable insights. stay safe! 3 / 3 bis central bankers'speeches

by introducing tough capital controls. the exchange rate started to play the role of a nominal anchor for expectations, and went on to become the main instrument for curbing inflationary pressures and ensuring macro - financial stability in ukraine. 3 / 7 bis - central bankers'speeches the nbu also adjusted the operational design of its monetary policy, taking a set of crisis measures to mitigate risks to financial stability. specifically, the liquidity of the financial system was boosted significantly. due to the strong psychological pressure caused by the war, changing the key policy rate was unlikely to stabilize expectations and maintain control over inflation. from february through may 2022, the nbu postponed key policy rate decisions, keeping the rate at 10 %. in addition, in the earliest days of the war, the nbu deployed a wide range of measures to support financial institutions and borrowers, so as to stabilize the financial sector. moreover, to ensure the uninterrupted funding of critical public expenditures, the nbu has been supporting ukraine's state budget via purchasing government debt securities. so far, the nbu has purchased government bonds worth a total of uah 315 billion ( around $ 10 billion ). i expect that everyone in this room understands that this mix of a massive injection of liquidity via the budget and banking system, a fixed exchange rate supported by interventions and capital controls, and a freezing of the key interest rate helps the banks, businesses and households to adjust to the new reality in the short - term, but this mix is not sustainable in the long - term. that's why we started to adjust our policies. first, the nbu started to withdraw liquidity support measures for banks. second, at the beginning of june, the nbu raised the key policy rate considerably, to 25 %, to boost the attractiveness of assets priced in the national currency, and ease pressures in the foreign exchange market. then, as depreciation pressure remained too strong to withstand, in late - july the nbu made a one - time 25 % adjustment to the official exchange rate. relatively tight monetary conditions and this re - pegging of the exchange rate have helped weaken the pressure on ukraine's fx reserves. together with an acceleration of international aid inflows, this has allowed to maintain our reserves at a relatively comfortable level. all of these steps have helped us to avoid monetary destabilization so far. in september, inflation in ukraine stood at 24. 6 per cent. other countries have