Yesterday, on 5 September 2017, the Expert Advisory Board at the Council at the National Bank of Ukraine held a meeting to discuss proposals to the Draft of to the Monetary Policy Guidelines for 2018 and Medium Term (hereinafter – the Monetary Policy Guidelines).
In opening the meeting, Chairman of the NBU Council Mr Bohdan Danylyshyn said: “The NBU Council wraps up comprehensive deliberations launched as part of the preparation of the Monetary Policy Guidelines for 2018 and Medium Term (hereinafter – the Guidelines). The Expert Advisory Board is keen to develop a common vision of ways to improve this draft paper prepared by the NBU Board. The next step will be to hold consultations with the Government to discuss the Monetary Policy Guidelines. I feel confident that the NBU Council will approve the final version of the draft paper by 15 September, i.e. within the timeframe prescribed by law, and submit it to the Verkhovna Rada of Ukraine for referential use.
The Monetary Policy Guidelines are developed by the NBU Council in pursuance of Article 100 of the Constitution of Ukraine and Articles 8, 9 and 24 of the Law of Ukraine On the National Bank of Ukraine and proposals put forward by the NBU Board.
MP Guidelines are based on Articles 1 and 6 of the NBU Law, Ukraine 2020 Sustainable Development Strategy, the targets of the economic program supported under the Extended Fund Facility (EFF) Arrangement with the International Monetary Fund (IMF), the Forecast of Economic and Social Development of Ukraine for 2018, the macroeconomic forecast of the NBU and the Government Mid-Term Action Plan for Priority Measures until 2020.
MP Guidelines set a priority target and define the monetary policy principles for 2017 and the medium-term, taking into account specific current trends in global markets, their effect on the Ukrainian economy, the respective NBU response, and approaches it takes to perform its functions, as well as macroeconomic indicators and mid-term NBU performance indicators, any potential associated risks, and ways to mitigate them.
The meeting was held with the participation of Chairman of the Council Mr Danylyshyn, NBU experts, former senior executives of the NBU and the Government, representatives of Ministry of Economic Development and Trade of Ukraine, heads of banking associations, as well as experts and academia.
The proposals put forward by the Expert Advisory Board will be incorporated in the final version of the key draft paper on monetary policy guidelines