push prices upward. the more rapid gdp growth seen in q2 2019 ( to 4. 6 % yoy ) was mainly driven 1 / 2 bis central bankers'speeches by a pick - up in domestic consumption amid a faster improvement in consumer sentiment. the preliminary estimates of july economic activity showed that sustained domestic demand had persisted. internal political risks to reducing inflation to its target decreased after the new convocation parliament started to operate and a new government was formed. this makes it possible to intensify negotiations on a new cooperation program with the international monetary fund. at the same time, there are still threats to financial stability arising from current court proceedings related to the decisions taken by the state to improve the health of the banking sector. external risks are also important. these include : a suspension of russian gas transit through ukraine starting in 2020 increased trade tensions and more turbulent global financial markets an escalation of the military conflict and new trade restrictions introduced by russia. what is the nbu ’ s current view of the future monetary policy stance? the nbu will continue the cycle of monetary policy easing, provided inflation is steadily declining to its 5 % target. how quickly the key policy rate is reduced to its neutral level of 8 % will depend on both internal and external risks. if structural reforms speed up, the nbu could cut the key policy rate more quickly. another important condition is inflation decreasing steadily to its target. conversely, if inflation risks materialize, in particular through persistent demand pressure, the easing of monetary policy will be more gradual. a summary of the discussion by monetary policy committee members that preceded this decision will be published on 16 september 2019. the next meeting of the nbu board on monetary policy issues will be held on 24 october 2019. thank you for listening! 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, 15 june 2023. * * * dear colleagues, the board of the national bank of ukraine has decided to keep its key policy rate at 25 % per annum. this will help maintain the attractiveness of hryvnia - denominated instruments, preserve the sustainability of the fx market, and reduce inflation. combined, these results will pave the way for the further easing of fx restrictions. the pace of consumer price growth continued to decline faster than expected. inflation eased to 15. 3 % yoy in may. apart from the base effect, the pullback in inflation was driven by an ample supply of food and fuel, a stronger hryvnia cash exchange rate, and improved exchange - rate and inflation expectations. among other things, the nbu's efforts to keep the key policy rate high and make hryvnia instruments more attractive made it possible to stabilize the fx market and improve expectations. although headline inflation has decelerated, underlying inflationary pressures remain rather high. thanks to the removal of supply chain disruptions, the reduction of prices in the global commodity markets, and the nbu's consistent monetary policy, the central bank expects that inflation in ukraine will continue to decelerate. however, this process will not be as rapid as in previous months. first, the base effect, which contributed to a significant drop in inflation in h1 2023, will gradually fade. second, price dynamics will be affected by increases in certain utility tariffs and the announced return of pre - war taxes on fuels. in addition, the destruction of the kakhovka hpp dam will have an adverse impact on prices. 1 / 3 bis - central bankers'speeches by the nbu's early estimates, this will contribute about 0. 3 pp to this year's inflation rate because of how it has complicated the operation of multiple enterprises, and due to the partial loss of crops, primarily vegetables, that it has led to. the war is taking an increasingly large toll, but steady inflows of international aid and the revival of the domestic debt market have made it possible to cover the significant budget deficit without resorting to monetary financing. since the beginning of the year, international partners have granted ukraine about usd 20 billion