The National Bank of Ukraine takes measures to ensure macroeconomic and financial stability. With this in mind, the NBU pursues a restrained monetary policy to bring down inflation to its target of 12% by the end of 2016 and conducts foreign exchange interventions to smooth excessive hryvnia exchange rate fluctuations. However, external shocks and domestic political instability pose a threat to the achievement of these goals. In view of the above, we deem it vital to resume cooperation with international donors, primarily the International Monetary Fund.
The resumption of cooperation with the IMF is crucial for our efforts to increase international reserves up to USD 19.6 billion by the end of 2016. Continued cooperation with the IMF will be a positive sign for other international donors and private foreign and domestic investors, which would be beneficial for the balance of payments and help boost economic growth.
The NBU stresses that further delay with the resumption of cooperation with the International Monetary Fund (IMF) could have negative consequences both for Ukraine's financial stability and welfare of its citizens.