On 24 May 2017, the Expert Advisory Board of the Council of the National Bank of Ukraine held a meeting to discuss exchange rate policy and FX regulation
In opening the meeting, Chairman of the NBU Council Mr Bohdan Danylyshyn said: “In accordance with the Council’s Working Plan, a meeting of the NBU Council is scheduled for 30 May 2017 to assess the NBU Board’s performance in implementing exchange rate policy and FX regulation. Therefore, I suggest that we focus our discussion on this topic that is vitally important for the economy and the society. In my opinion, being enthusiastically involved in aggressive implementation of inflation targeting, the NBU pays little attention to this issue. Over the past three years, the NBU Board has addressed exchange rate regime and exchange rate policy issues during episodes of turbulence in the FX market. However, I am convinced that this issue should be addressed immediately when the situation does not require making hasty decisions rather than being put off until later. We want to discuss this issue today together with experts and academia and hear comments, recommendations and proposals. All constructive proposals and recommendations should be taken into account when preparing a draft resolution following our meeting.
During the meeting the participants discussed and reviewed the proposals put forward by members of the Expert Advisory Board regarding Recommendations of the Council to the Board concerning exchange rate policy. The meeting participants called for the need to amend the existing legislation on FX regulation and agreed to establish a working group to improve a regulatory framework governing FX regulation. It was decided to hold a joint meeting of banking associations and industry federations.
The meeting was held with the participation of the Chairman of the NBU Council, Chairman of the Parliamentary Committee on Financial Policy and Banking, MPs, heads of banking associations, as well as experts and academia.
The Proposals worked out by members of the Expert Advisory Board will be incorporated into the final draft resolution of the NBU Council on exchange rate policy and FX regulation.