The National Bank of Ukraine ensures domestic economic stability, which is reflected in the positive development indicators. It was stated by NBU Governor Sergiy Arbuzov during the public session of the Board of the National Bank of Ukraine.
"We are constantly making efforts to improve the inflation situation and we feel confident today that the inflation rate for 2011 will not exceed 7.5%, being much lower than 8.9%, which has been projected by the Government. The stability of the foreign exchange market is also a key factor behind sustainable economic growth in Ukraine. Today we have a surplus in the balance of payments, which means that that there will be no sharp exchange rate fluctuations,” noted Seriy Arbuzov.
In addition, the NBU Governor emphasized that the National Bank of Ukraine is currently pursuing a tight monetary policy, which is aimed at maintaining price stability in Ukraine. To that end, interest rates on certificates of deposit are raised and the liquidity-absorbing operations are carried out to sterilize surplus bank liquidity.
"Regarding the issue related to introducing amendments to the currency exchange rules, it has been transferred from an economic dimension to a political one. In fact, the most important thing that we have achieved by implementing these rules is that we managed to analyze explicit demand for the domestic currency from the population and latent demand from business. To state the obvious, we managed to save approximately 3 billion dollars owing to the conduct of this policy. This is precisely why we feel confident the introduction of the new currency exchange rules appeared to be a justified and positive measure,” stressed Sergiy Arbuzov.
The Governor of the National Bank of Ukraine focused attention on the fact that the National Bank of Ukraine fulfilled the entirety of its commitments under the Memorandum with the IMF.
"We have scrutinized a lot of materials, held a number of meetings and analyzed the monetary and exchange rate policy pursued by the National Bank of Ukraine. I feel confident that fruitful and efficient work has been carried out and both sides remained satisfied with the negotiation process,” noted Sergiy Arbuzov.