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Schedule for the monetary policy decision-making meetings of the Board of the National Bank of Ukraine in 2019

Meeting of the Monetary Policy Committee

Meeting of the NBU Board on Monetary Policy

Decision of the NBU Board on the Key Policy Rate

Press Release

Summary of the Discussion on the Key Policy Rate at the Monetary Policy Committee

29-30 January

31 January

To keep the Key Policy Rate at 18.0%

31 January

11 February

13 March

14 March

To keep the Key Policy Rate at 18.0%

14 March

25 March

23-24 April

25 April

 

25 April

06 May

05 June

06 June

 

06 June

17 June

16-17 July

18 July

 

18 July

29 July

04 September

05 September

 

05 September

16 September

22-23 October

24 October

 

24 October

04 November

11 December

12 December

 

12 December

23 December

 

The Governor of the National Bank of Ukraine announces a monetary policy decision made by the Board at a press briefing at 2 p.m., two hours after the Board meeting on monetary policy ends.

 

The NBU maintains a so-called 7-day silence period on monetary policy (also called a quiet period) before making and unveiling a monetary policy decision. This period begins on the last Thursday that precedes the Board’s monetary policy meeting, and ends at 2 p.m. on the day of the meeting, at the same time that the Board makes public its monetary policy move on the NBU’s official website.

 

During this period, the NBU Board members and other members of the Monetary Policy Committee, along with the rest of NBU employees, must not discuss monetary policy issues with mass media, banks, experts, investors, and other stakeholders – whether on or off record. The silence period also implies that mass media may not publish NBU representatives’ interviews, comments, or other public materials that were prepared before the silence period went into effect but that contain statements pertaining to monetary policy.

 

The silence period, which is common practice among inflation-targeting central banks, is intended to prevent public speculations around an upcoming monetary policy decision of the NBU, as they may have an ambiguous effect on the expectations of financial market participants, increase uncertainty, and trigger excessive market volatility.

 

 

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