Governor of the National Bank of Ukraine Valeria Gontareva took part in the XXXIV Meeting of the Central Bank Governors' Club of the Central Asia, Black Sea Region and Balkan Countries, which was held in Tbilisi (Georgia) on September 25-27, 2015. .
Central Bank governors from more than 20 member countries of the Club – Israel, Czech Republic, Poland, Bulgaria, Turkey, China, Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Croatia, Kyrgyzstan, Macedonia, Moldova, Montenegro, Russia, Serbia, Slovenia and Tajikistan – participated in the event.
The meeting discussed recent global and regional economic developments as well as the latest developments in the financial and banking sectors. The meeting participants placed special emphasis on one of the major problems facing the region – the impact of dollarization on developing economies and explored ways to tackle this challenge by using monetary and exchange rate policy instruments.
At the meeting, Governor of the National Bank of Ukraine delivered a speech on "Ukraine: Breaking Through the Perfect Storm". She shared with her colleagues Ukraine's experience on the path from Euromaidan to the Revolution of Dignity, with the sparks generated by the revolution triggering reforms in the country, in particular, financial sector reforms and the transformation of the National Bank of Ukraine.
Valeria Gontareva underlined that in 2014 – Ukraine had ridden through a devastating storm, which was aggravated by an intensive military conflict in the east, an escalating trade war with Russia, an unsustainable current account deficit resulting from an overvalued exchange rate and a significant outflow of household deposits from the banking system.
She shared with her colleagues Ukraine’s experience in implementing financial sector reforms, dwelled on the major areas of focus of the reform agenda and its implementation stages, briefed the participants about the progress made in implementing reform measures and unveiled a short-term macroeconomic outlook for Ukraine.
The Central Bank Governors' Club of the Central Asia, Black Sea Region and Balkan Countries was established to share experience, strengthen and expand cooperation and coordinate activities of central banks of the Club's member countries on issues falling within their competence.
The Club was established in 1998. The purpose of the Governors’ Club is to maintain financial stability in the region and foster cooperation within the banking sector.