platforms, where all players participate anonymously. we have come under criticism for strengthening the hryvnia last year. those criticizing us said that the nbu should have been more active in the fx market, when in fact the nbu was active enough that last year alone it added to international reserves a record usd 8 billion, having purchased it in the fx market. yes, if we had bought more dollars, we would not have heard complaints from exporters. but we would have heard complaints from importers and, most important, from ordinary people who earn and spend hryvnias. therefore, we kept the balance and, as befits a central bank, pursued a neutral policy, rather than playing into the hands of individual market participants. another category in which the nbu set a new record every year is international reserves. this time we hit a new high. while i was in office, ukraine ’ s financial safety cushion increased by usd 10 billion, from usd 18 to usd 28 billion. last year, ukraine was popular among international investors. although this provided good financial support to the government, this was used to criticize the central bank. at the same time, our critics ignored the fact that international reserves grew, not least due to foreign exchange inflows from nonresidents. this enabled us to overcome, reasonably painlessly and quickly, the fx market turbulence in march caused by the coronavirus pandemic. in 2019, the nbu embarked on a large - scale liberalization of the fx market. this was a truly revolutionary event, for which ukrainian businesses and households had been waiting for a quarter of a century. the nbu has already lifted about 40 fx restrictions, which had for years hampered business development and investment inflows, while also limiting the rights of ukrainians to freely engage in fx transactions. the banking system is healthy, highly liquid, and profitable. since november 2018, not a single bank has been removed from the market. the general public knows who owns each and every bank. this is reviving confidence in the banking sector. this is evidenced by deposit growth – since the start of 2018 hryvnia household deposits have risen by one - andhalf times. moreover, thanks to years of continuous preparation of the banks for potential problems, the banking system entered the coronavirus crisis stronger than ever. it is now an outpost of financial stability and a lifesaver for the economy. 2 / 4 bis central bankers'speeches cashless

decisive stage. difficult concessions from all parties are necessary to reach a balanced compromise. finland will continue to work constructively for a predictable and rules - based system of determining voting shares so as to ensure that the distribution of power at the imf better reflect prevailing economic realities. geopolitics lastly, i would like to touch upon one cibs - related issue that is gaining in geopolitical importance. competition for strategic raw materials is intensifying. related to this, there has been increased interest in africa, including from large emerging market countries such as china and india. the increased activity of emes in poor but resource rich african countries reflects changing balance in geopolitics. it is also of particular interest to the imf, given that a number of these countries just recently benefited from the multilateral debt relief initiative. specifically, non - concessional lending to countries with a recent history of unsustainable debt should be avoided. although the prime responsibility of maintaining debt sustainability rests with the borrowing countries themselves, creditor countries should adhere to the principles of prudent and responsible lending and keep their terms of credit transparent. conclusions to conclude, the southern engines of growth are one way or another linked to all most topical issues in international economics. it reflects the fact that as a result of globalization, the fortunes of all countries are becoming inextricably linked. this increased interdependency means that both positive and negative spillovers will be stronger. consequently, the continued favorable developments in the cibs are not only essential for improving living standards in these countries, but are in the interest of us all. fortunately, the outlook for continued favorable developments is fundamentally good. at the same time, cibs face formidable policy challenges as they seek to become ever more integrated with the international economy. in this process, sound macroeconomic policies and strong institutions are indispensable. studying the experience of other countries may offer some clues for what to do and how to avoid pitfalls. in the longer run, economic performance of the cibs countries will be increasingly determined by how well they can harness their human potential. to this end, one cannot overemphasize the importance of ensuring increased and more equal access to education. the increasing weight and role of the emerging market countries in the global economy must also be better reflected in global governance structures. this is essential for the effectiveness of such multilateral structures as their efficiency derives from the legitimacy that they enjoy among the members of international community.