payments are gradually becoming commonplace in ukraine. thanks to the numerous initiatives the nbu launched while i was in office, the share of cashless payments among all transactions involving payment cards increased from 39 % to 55 %. the nbu has become even more transparent and open. the nbu ’ s current policy is based on a dialogue with banks and nonbank financial institutions, businesses, the expert community, the international community, the media, and our other partners and clients. the nbu ’ s achievements were recognized by the international professional financial community through a prestigious award from the central banking awards, in the category of transparency. all these achievements could easily be reversed. it is much easier to take a step back than the steps forward that it took us years to make. i call on you not to let this happen! let the nbu retain the achievements of previous reforms and go on to new ones. the nbu has a lot of work ahead of it. don ’ t forget that the coronavirus crisis is continuing. we need to maintain financial stability and help ukraine get back on the track to economic growth, without provoking a spike in prices. we need to successfully complete what we started. this includes completing fx liberalization, while not undermining macrofinancial stability with hasty decisions. we have to make the market of nonbank financial services, over which the nbu became a regulator just the day before yesterday, healthy, transparent, customer - oriented and confidence - inspiring. we have to protect the rights of consumers of financial services and enhance financial literacy. the nbu received a mandate for this at the beginning of the current year. we have to make financial services more accessible, and create conducive conditions for the development of innovations in the financial sector. all of that, and many other things, are envisaged by the nbu ’ s strategy for the development of the financial sector until 2025. this requires five years of work, if not more. finally, i would like to thank all nbu employees and all our partners and clients who followed the path of reforms with us. these are financial market participants, businesses, and the expert and scientific communities. our discussions gave rise to the proper decisions, while your support inspired us to keep going. i thank all of the nbu ’ s like - minded people – mps and colleagues in other government institutions who united with the nbu to promote reform. i ’ d also like to thank the nbu ’ s

sanctions are a crucial element of global policy. central banks are inevitably involved in their implementation and face associated challenges. 2 / 4 bis - central bankers'speeches fourth, support of the defense effort became an integral part of our mandate in the times of war. in 2022, we made difficult yet necessary steps to provide short - term assistance in the government's financing of defense expenses. the war caused unprecedented increase in the budget needs. the war cannot be put on hold. it is impossible to find sources of budget financing in a couple of days. so, the nbu had to make a swift and sensible decision and resort to monetary financing. simultaneously, it had to develop a remediation plan and avoid monetary financing in the future. cooperation between fiscal and monetary authorities is an integral element of such plan. this matter is frequently discussed at global conferences. i've heard it emphasized by our imf and ecb colleagues. we have gained some extraordinary experience. reboot of our relations amid the full - scale invasion allowed us to revive the domestic debt market and avoid monetary financing in 2023. we successfully restored confidence in the local currency, which eased pressure on the exchange rate and prices. as a result, we effectively mitigated the risks of forced monetary financing. the independence of the nbu played a crucial role in that. as a result, the inflation that peaked at 27 % in 2022, decreased to the pre - war inflation target of 5 %. we successfully halted the decline in economic activity and transitioned to gradual recovery : last year, the gdp grew by more than 5 % after nearly one - third slump in 2022. the unity of ukrainian authorities and the mutual respect of both institutions'to each other's mandates allowed us to prove our capability and raise the required finances. i want to thank ms kristalina georgieva for trust, support and leadership of the international monetary fund that consolidated the donor coalition around ukraine, becoming its cornerstone. i hope, this collaboration will persist. this year, the significance of international support and the consolidation of efforts will not diminish ; it will only intensify. the war continues. thus, my fourth insight : efficient cooperation with fiscal authorities and international partners not only provides resources for the implementation of the central bank mandate but also serves as a source of capacity. and the last, the fifth point. it is crucial to develop and implement measures to ensure steady recovery and post - war reconstruction. this was clearly manifested in both internal