own sake but because this lays down the conditions for sustainable and balanced growth. bis central bankers ’ speeches at the same time, prudent fiscal management has enabled the ng to keep the fiscal deficit within target and on track with fiscal objectives. 1 the ng has gained fiscal space that could be utilized to boost the economy, when necessary. in addition, the bsp has also enhanced its policy toolkit to include macroprudential measures that would address the financial stability pressures of external factors such as capital flows. the bsp will continue to maintain a flexible exchange rate policy that allows the market essentially to determine the exchange rate, but with scope for official action to ensure against excessive volatilities. we have also been actively pursuing banking sector reforms that will enhance the soundness of the system, engender healthy domestic competition while enabling our banks to level up against peers in the region. alongside beefing up the banking sector, we will continue to broaden our efforts at financial literacy and inclusion. conclusion : while the country is exposed to global headwinds, and some domestic storm surges, we are focused on our price and financial stability mandates. in the presence of global headwinds, we have the tools that would allow us to capitalize on domestic tailwinds. warren buffet once said, “ you only find out who is swimming naked when the tide goes out ”. well, ladies and gentlemen, i am confident that when the tide does go out, the philippines will be found well - clothed. jan – sept 2013 programmed deficit is p144. 5b vs. actual deficit of p101. 2b. bis central bankers ’ speeches

kateryna rozhkova : national bank of ukraine press briefing – monetary policy statement speech by ms kateryna rozhkova, acting governor of the national bank of ukraine, at a press briefing on monetary policy, kiev, 31 january 2019. * * * dear colleagues, please be informed that the board of the national bank of ukraine has decided to keep its key policy rate at 18. 0 % per annum. the rate was maintained at the same level in order to drive inflation down to the target of 5 % in 2020. first, let us summarize the inflation development in 2018 : last year, consumer price inflation declined to a five - year low of 9. 8 % ( versus 13. 7 % in 2017 ). the reversal of the trend after the rise in inflation in 2017 is primarily due to the nbu ’ s tight monetary policy. the series of interest rate hikes that started in october 2017 increased the attractiveness of saving. moreover, the tight monetary conditions were among reasons for the strengthening of the hryvnia. high global prices for exported goods, a record harvest of grain crops, and a substantial amount of remittances also contributed to the stronger hryvnia. in addition to monetary factors, an increase in the domestic food supply and lower global prices for food products dampened inflationary pressures. despite having decelerated, inflation was, as expected, above the central bank ’ s target range of 6 % + / - 2 pp at the end of 2018. the deviation from the target was largely due to factors over which monetary policy has only a limited effect : higher administered prices wage - driven growth in production costs crude oil prices rising throughout most of the year a narrowed supply of vegetables due to unfavorable weather. consumer demand, fueled by higher wages, was also an important inflation driver. real wages grew by 12. 5 % yoy in 2018. uncertainty as to whether or not cooperation with the international monetary fund would resume and high external risks also weighed on economic sentiment throughout most of the year. the nbu deliberately chose a more lengthy path to bringing inflation to the target in order to minimize the loss of economic growth. being able to balance the need to drive inflation to the target, and the need to support economic growth, shows the flexibility of the inflation - targeting regime. how will inflation behave in the coming years and when will it meet the nbu target? inflation will continue to decline gradually. as before, we expect inflation