Government considers NBU policy to be effective – PM Shmyhal

He said that at a press conference, when asked about possible restrictions of long-term financing of the banking system by the regulator, an Ukrinform correspondent reported.

“Cooperation with the NBU continues in a working way. Moreover, the decisions made by the Board of the National Bank are justified; there are no refusals in long-term financing by the regulator. Overall, the NBU pursues prudent financial and monetary policies in order to stabilize the monetary system, including the exchange rate. The policy implemented by the National Bank last year and this year is quite effective,” Shmyhal said, adding that joint meetings of the central bank and government officials are held on a weekly basis.

According to him, assessments of international experts also prove that. "The only thing: this year the NBU discount rate has rose slightly [from 6% to 8.5%]. This is the regulator's response to inflation. But inflation is not due to the growth of the monetary base,” the prime minister summed up.

As reported, the NBU Council approved the Monetary Policy Guidelines for 2022 and the medium term.

According to the NBU, this document is based on the proposals of the NBU Board and reiterates the goals, principles, and monetary policy instruments laid out in the previous versions of the Monetary Policy Guidelines. It is fully in line with the regulator’s Monetary Policy Strategy and Ukraine’s international commitments, in particular the provisions of the Memorandum with the IMF on Economic and Financial Policies. This will increase the consistency and predictability of the NBU’s monetary policy.

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