. today banks have no problems with foreign currency cash in their vaults. the fifth solution is related to payments. the nbu has recommended the public to resort to remote banking as much as possible. the nbu canceled fees for sep services to make cashless payments cheaper. payment cards that expire during the quarantine can be renewed. safe cash payments are also a priority for the nbu. the coronavirus does not spread quickly through cash, but we decided to be cautious here. the banknotes coming from the market are transferred to the nbu ’ s vaults for a “ sanitizing quarantine. ” banks are receiving banknotes that were stored in nbu vaults before the pandemic hit ukraine. we have enough cash to support the economy. what ’ s next? the ukrainian economy entered the covid - 19 crisis in a much better state than in 2008 and 2014 crises, with moderate inflation, an effective floating - rate policy and currency liberalization, a low deficit of the current account, sizeable international reserves, a prudent fiscal policy, and a reformed banking sector, which used to be a catalyst in previous crises. these results were achieved thanks to previous years ’ reforms, the nbu ’ s quick and effective actions, and an anti - crisis fiscal policy, and will ensure that the ukrainian economy will contract by no more than 5 % in 2020. in q3, once the quarantine is fully lifted, business activity will start recovering and unemployment will gradually decline. in the coming years, we again expect growth of 4 %. to stimulate the economy, we will probably be able to cut the key policy rate further during the current year. through prudent monetary policy, we have ensured price stability for several years running, in line with our mandate as a central bank. in other words, inflation has been low and stable and will remain within the target range of 5 % + / - 1 pp. ukraine definitely needs large amounts of government spending to curb the coronavirus and to support the economy, like many other countries. however, the medicine should not be more harmful than the disease itself. let me remind you of some facts from ukrainian history. uncontrollable printing of money to finance government spending has always had a catastrophic effect on the economy. we can make everybody a millionaire, but the millions will be of no value. the right way is to complete talks with the imf and receive low - cost financing for the budget from [UNK]

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, 19 september 2024. * * * dear colleagues, the board of the national bank of ukraine has decided to keep its key policy rate at 13 %. this decision will help gradually bring inflation back to the target of 5 % in the coming years and support the sustainability of the fx market. inflation has expectedly accelerated in recent months in august, consumer inflation rose to 7. 5 % in annual terms, which was close to the forecast the nbu made in july. the underlying inflationary pressure, measured by core inflation, also increased to 6. 5 %. the growth in consumer prices was driven by the impact of lower harvests, businesses'larger expenses, and the effects of the weakening of the hryvnia in the previous months. however, inflation expectations remained rather sustainable. the pressure on prices will persist in the near future, but inflation will slow next year inflation will rise moderately in the coming months due to an increase in aggregate demand against the backdrop of budgetary spending, businesses'larger expenses on wages and electricity, and higher excise taxes. however, the nbu's prudent monetary policy and lower external price pressures will contribute to a gradual decline in inflation and its return to the target of 5 % in the coming years. to meet the target, the nbu will, in particular, maintain a manageable situation on the fx market. international reserves are being kept on a level sufficient for ensuring the sustainability of the fx market in august, ukraine received a large amount of international financial assistance. at the same time, the nbu's interventions to sell foreign currency declined substantially on the back of a decrease in net demand from businesses and households. as a result, ukraine's international reserves exceeded usd 42 billion as of the start of september. the staff level agreement on the fifth review of the imf program reached in september was another positive signal that volumes of international assistance will continue to be sufficient and macrofinancial resilience will be maintained. 1 / 3 bis - central bankers'speeches considering the above and the sufficient set of available instruments, the nbu will remain fully capable of supporting the sustainability of the fx market, prevent excessive exchange rate fluctuations, and ensure that the exchange rate moves both ways.