andriy pyshnyy : national bank of ukraine press briefing - monetary policy decisions speech by mr andriy pyshnyy, governor of the national bank of ukraine, at a press briefing on monetary policy decisions, kyiv, 14 march 2024. * * * dear colleagues, the board of the national bank of ukraine has decided to cut the key policy rate to 14. 5 % effective 15 march 2024. a further decline in inflation, sustained stable fx market conditions, and positive developments in the prospects to receive external assistance lay ground for an earlier resumption of the easing cycle of interest rate policy. at the start of 2024, inflation slowed more rapidly than expected by the nbu in february, inflation decelerated to 4. 3 % yoy. among other things, this was facilitated by higher supply of some food products and effects from last year's strong harvests. the reorientation of some producers to the domestic market also had an impact on food prices. in addition, the moratorium on raising some utility prices continued to restrain inflation. core inflation decelerated as well, to 4. 5 % yoy. stable fx market conditions – among other things, owing to the nbu's monetary policy and currency supervision measures – improved inflation and exchange rate expectations across the majority of respondent groups. this reined in underlying price pressures. the official and cash exchange rates became almost equal, and the hryvnia exchange rate fluctuated moderately in both directions, which was in line with the managed exchange rate flexibility. since the previous monetary decision taken in january, market rates on hryvnia instruments have not changed much. yields on bank deposits and domestic government debt securities continued to exceed inflation expectations of businesses and households. together with the controlled situation on the fx market, this supported interest in domestic currency savings. in particular, ukrainians'holdings of domestic government debt securities increased, and retail deposits placed for three months and longer showed steady growth. inflation will remain moderate, in particular thanks to the nbu's consistent monetary policy the nbu estimates inflation will remain within the target range of 5 % ± 1 pp in the coming months and will accelerate only moderately in h2. a gradual increase in incomes of ukrainians and higher business costs during the war will fuel the inflationary pressure. at the same time, some utility tariffs being frozen and the nbu's monetary policy aimed at supporting the attractiveness of hryvnia

yakiv smolii : opening speech " central bank communications : from mystery to transparency " opening speech by mr yakiv smolii, governor of the national bank of ukraine, at the fourth annual research conference " central bank communications : from mystery to transparency ", hosted by the national bank of ukraine in collaboration with the national bank of poland, kyiv, 23 may 2019. * * * dear participants, i take tremendous pleasure in opening the fourth annual research conference, which the national bank of ukraine is hosting in collaboration with narodowy bank polski. representatives of the central banking community from over 30 countries are gathered here today. that includes europe, north america, latin america, asia, and africa. i am glad to see more international participants this year than in the past years. we are all different. we have different economic models. we face different problems and have different ways of resolving them : advanced economies are busy fixing the problem of negative interest rates and their normalization. emerging markets are worried about a potential capital outflow affecting their currencies. exporter countries are concerned that the global economy is cooling off. importer countries are keeping a close eye on commodity prices. but what brings us all together is the need to answer one question : how to make ourselves heard in a world overwhelmed with information? what is more, how are independent central banks supposed to survive in a world of post - truth, where emotions draw more attention than facts and where populism spreads like a virus? gone are the days when central banks could afford to be closed technocratic institutions that spoke in numbers and vague terms. in this day and age, central banking is, first and foremost, about transparency, openness, and accountability. in the years to come, central banks will have to be client - oriented and capable of maintaining direct dialogue with the public. that is why not only central bankers have gathered in kyiv today. among those present here today are journalists, analysts, financial market players, academicians, government officials, and representatives of international institutions. all of them are clients of central banks. last year, we developed and made public the first - ever medium - term strategy of the national bank of ukraine. to us, this is a milestone document since it identifies seven strategic goals that the nbu as an institution will have to meet in the next few years. thus, the medium - term strategy gives the public a simple outline of what the nbu expects to achieve. however,