##bu board last met to discuss monetary policy. 1 / 2 bis central bankers'speeches on the one hand, increases in social payments, as well as the monetization of utility subsidies are planned for the coming months. although the effects of these individual factors are insignificant, their combined impact on inflation expectations could be substantial, on the back of greater uncertainty arising from presidential and parliamentary elections. on the other hand, a more noticeable strengthening in the hryvnia exchange rate than is envisaged in the current forecast, is helping curb inflation. that said, the risks to inflation decreasing mentioned by the nbu in its january macroeconomic forecast continue to persist. what will the nbu ’ s monetary policy stance be in future? after balancing the need to bring inflation back to its target against the risks that could prevent inflation from decreasing, the nbu board has decided to leave the key policy rate unchanged, at 18. 0 % per annum. although leaving the key policy rate unchanged, the nbu board said that it could cut it in the future. how soon the nbu will adopt an easing cycle will depend on how steadily risks of inflation decrease and inflation expectations improve. looking ahead, any changes to the key policy rate will be based on the nbu ’ s updated macroeconomic forecast that will be published in april. a summary of the discussion by monetary policy committee members that preceded this decision will be published on 25 march 2019. the next meeting of the nbu board on monetary policy issues will be held on 25 april 2019. thank you for your time! 2 / 2 bis central bankers'speeches

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, 25 january 2024. * * * dear colleagues, the board of the national bank of ukraine has decided to keep its key policy rate at 15 % per annum. this decision comes along with the need to maintain exchange rate sustainability, keep inflation moderate in 2024, and bring it to the target range of 5 % ± 1 pp over the monetary policy horizon. despite russia continuing its aggression against ukraine, the inflationary pressure eased significantly last year, including due to the nbu's consistent monetary policy inflation slowed to 5. 1 % yoy in november and stood at this level in december. good harvests and lower global energy prices were major factors behind the decrease in the pressure on prices. the moratorium on tariff increases for certain utilities played an important role. at the same time, a decline in core inflation to 4. 9 % as of the year end also points to a sizeable contribution made by the nbu's consistent monetary policy, in particular measures to ensure exchange rate sustainability and attractiveness of hryvnia assets. these measures helped improve exchange - rate and inflation expectations. despite the expected acceleration of inflation in 2024, it will remain moderate and will return to the target range in 2025 inflation will be within the target range in the coming months. from the middle of the year, it will accelerate somewhat as effects of last year's bumper crops wane. additional pressure on prices will come from the further recovery in consumer demand, as well as the pass - through of business costs to consumer prices, in particular due to persistently high security risks and wage increases. however, inflation will remain moderate, in part due to the nbu's measures to maintain exchange rate sustainability and the attractiveness of hryvnia assets. inflation is expected to reach 8. 6 % as of the end of the year. in 2025, it will return to its target range, slowing to 5. 8 % as of the end of the year. in 2026, inflation will meet the target of 5 %. this will be primarily driven by a decline in security risks, which is assumed by the forecast. it will ensure an overall improvement in expectations, and will allow restoring the logistics and production processes. the price pressure