At its meeting that took place on September 11, 2014, the National Bank of Ukraine Council (hereinafter – the Council) contemplated the results of this year's monetary policy, its impact on the social and economic development of the country  and the  Monetary Policy Fundamentals for 2015.

The Council acknowledged that this year the monetary policy had been conducted in keeping with the Monetary Policy Fundamentals for 2015, and the monetary policy measures taken by the National Bank of Ukraine had corresponded to the complicated economic developments.

The Council recommended that the National Bank of Ukraine Board should focus its efforts on maintaining the stability of the banking system and the foreign exchange market and enhancing liquidity of the Deposit Guarantee Fund.

While considering the Monetary Policy Fundamentals for 2015, the Council members pointed out that bringing CPI growth down to about 9% would be the focal point of the monetary policy for 2015. In 2015, real GDP is projected to grow by 1.0%, the monetary base is expected to expand by 20%. The projected figures have been agreed by the Ukrainian authorities and the International Monetary Fund under the Stand-By Arrangement. As Governor of the National of Ukraine Valeriia Gontareva said, the regulator is resolutely determined to adhere to commitments undertaken under this program.

Mid-term monetary policy strategy will be based on the use of inflation targeting regime, which will be grounded in the following basic principles: unconditional priority of the goal of pricing stability and subordination of all other goals and objectives of monetary policy to it; tactical flexibility and focus on achieving mid-term objectives; application of flexible exchange rate regime, which involves determining the value of the hryvnia against foreign currencies based on the ratio of market supply and demand; decision-making potential; transparency of activities of the National Bank of Ukraine.

Following discussions, the Council approved the Monetary Policy Fundamentals for 2015, which had been published on the official website of the National Bank.

At the meeting the Council of the National Bank approved estimates of revenues and expenditures of the National Bank of Ukraine for 2015 and part of forecasted profit available for distribution for 2015, which is to be transferred to the State Budget of Ukraine.

The Council members took note of the planned reduction in expenditure part of the NBU budget, in particular, the central bank's intentions to dispose of non-core assets, to reduce costs for staff, administrative expenses and so on. It was emphasized that such approach of the regulator to public spending is fully consistent with difficult realities of today and is based on the principles of economy and efficiency.

Wrapping up the meeting, Chairman of the Council Stanislav Bukovynskyi expressed hope that a consistent monetary policy conducted by the central bank would prove efficient and have a positive impact on the revival of economic growth in the country.