NBU Governor meets with central bank heads in Morocco

The relevant statement was made by National Bank of Ukraine (NBU) Governor Andriy Pyshnyy on Facebook, an Ukrinform correspondent reports.

“Spoke with colleagues from the European Union – Governor of the Bank of Italy Ignazio Visco, Governor of Sveriges Riksbank Erik Thedéen, and President of the Bundesbank Joachim Nagel. Additionally, we had a meeting with President of the Central Bank of Brazil Roberto Campos Neto,” Pyshnyy wrote.

Together with the heads of European central banks, the NBU Governor discussed changes in the economic situation of the European region as a result of Russia’s full-scale war against Ukraine. European representatives noted that the level of uncertainty is significant, which creates new challenges for central banks to successfully implement their mandates.

“We have been in the epicenter of the war for more than a year and a half but, despite this, we ensure financial and price stability. Therefore, I briefly spoke about the logic of our decisions on monetary policy and currency regulation, which made it possible, in particular, to reverse the inflationary trend and created the prerequisites for transitioning to the controlled flexibility of the exchange rate,” Pyshnyy noted.

He emphasized that the National Bank of Ukraine will continue to actively communicate with institutions, in particular with the European Commission and the European Central Bank, in order to speed up the withdrawal of all European banking groups from the Russian market.

Separately, the NBU Governor discussed the withdrawal of Italian banking groups from Russia with the Central Bank of Italy.

“We will provide our colleagues with our analytical data, and I hope for active support in this matter,” Pyshnyy stressed.

Additionally, the NBU Governor had a substantive and open discussion with the President of the Central Bank of Brazil. The Ukrainian side spoke in detail about the path, which had been taken by the NBU in its decisions since the Russian invasion started, as well as how Ukraine’s economy was able to re-enter a growth trajectory after losing about one-third of its GDP.

Pyshnyy expressed hope that the Central Bank of Brazil would find a format for it to be able to join the sanctions pressure against the Russian Federation.