On 15 November 2011, the National Bank of Ukraine hosted the working meeting between the senior officials of the National Bank of Ukraine and the representatives from the Central Bank of the Russian Federation and the Moscow Interbank Currency Exchange. The meeting was chaired by First Deputy Governor of the National Bank of Ukraine Yurii Kolobov.

The main goal of the meeting was to discuss monetary policy issues of both countries, transactions carried out by the Central Bank of the Russian Federation and on the Moscow Interbank Currency Exchange as well as the conduct of transactions in Russian Rubles in Ukraine.

First Deputy Governor of the National Bank of Ukraine Yurii Kolobov communicated the National Bank of Ukraine’s monetary policy priorities and informed the Russian side about the work undertaken by the National Bank of Ukraine with regard to the gradual liberalization of the foreign exchange market. He pointed out that a gradual lifting of restrictions on the foreign exchange market of Ukraine has to be in line with the pace of economic growth, competiveness of domestic industries, reduction in the level of dollarization of the economy, enhancement of the soundness of the domestic financial system, including its capacity to level sharp currency fluctuations autonomously by using equity market instruments.

The meeting was held in an atmosphere of constructive discussions. The sides agreed to maintain a constant dialogue and establish close contacts between the central banks.