quality of regulation and lay the grounds for strengthening the financial sector. our foremost task, as we see it, is enhancing protection of rights of financial services consumers. i will be honest with you – at the nbu we truly hoped that ukraine would get a real protection system guaranteed by laws. but the parliament decided otherwise. however, this is not an excuse to abandon people with their problems with banks and nonbank financial institutions. today, i am very happy to inform you of the following : the nbu assumes responsibility for protection of rights of financial services consumers and establishes a special unit in charge of these issues. first of all, it will enable regulation of the information disclosure system that will deal with information on financial products and services. information transparency is at the core of trust in the financial services and safeguards higher prosperity of the public. we will continue our work on people ’ s complaints, but from now on it will be more systematic. the chain “ complaint – response – changes in regulations ” will become shorter and more efficient. this will help reduce the number of misunderstandings between financial institutions and their customers, improve their information awareness, and teach the financial market to address their customers ’ questions and comments. second. the nbu has assumed the leadership and developed a vision for the future strategy of financial literacy. why does the central bank need it, considering that we are not part of the education system? our goal is to prepare young people for life in the real world full of challenges and rapid changes. today, we encourage everybody present to join in common work based on our vision. i hope in a year we will be able to sum up our first results. ladies and gentlemen, i am confident that many of you have joined the forum with brilliant ideas of how to make financial services more accessible for ukrainians. so, let ’ s get to work! 2 / 2 bis central bankers'speeches

nbu is pursuing the policy of steering inflation to a point target of 5 % within an extended policy horizon of up to three years. inflation targeting reduces uncertainty, while flexibility allows us to take current economic conditions into account – including structural shocks caused by the war. flexible inflation targeting has its own distinct features. 2 / 4 bis - central bankers'speeches first, we focus on long - term goals. even in crisis conditions, we adhere to inflation benchmarks, paving the way for a gradual return to full - fledged inflation targeting. second, our monetary policy reacts to the conditions of the day : we have a broader monetary policy horizon under the transitional regime, which allows us to quickly adapt and respond to new shocks, such as energy crises or supply chain disruptions. third, flexible inflation targeting involves the use of a combination of instruments. apart from interest rate policy, we maintain an active presence in the fx market and impose caps on capital movements. as favorable prerequisites emerge, however, we continue our movement towards more market - based mechanisms. we will give special attention today to this third feature, as the use of a combination of policy instruments is not unique to ukraine and is increasingly seen in other small open economies. in fact, the main task of this workshop is to find an effective balance between the instruments used – in particular those based on advanced macroeconomic analysis. the fourth important feature of a flexible monetary regime is a high level of interaction between the fiscal and monetary authorities. the nbu cooperates closely with the government in raising external financing and implementing reforms in ukraine. at the same time, this cooperation implies that authorities must respect each other's mandates. which brings us to the fifth feature : the nbu strives for transparent, active communications with every target audience. we freely explain our decisions to avoid misleading market participants, experts, government officials, investors, and the public. we do this to maintain their trust – the primary anchor for an effective policy. through this approach, ukraine has been able to retain macrofinancial stability while setting the stage for economic recovery, despite continuing to face massive challenges. in addition to internal transformation, an important component of resilience is close cooperation with international partners. for ukraine, cooperation is now an integral element of macrofinancial stability. and at this point i'd like to reiterate our gratitude to our partners for the expert, financial, military, and humanitarian assistance they have provided. today we are one thousand and fifteen