Photo: Andrey Pyshny / Facebook
Head of the NBU Andrey Pyshny
The key objective of the strategy changes is to reduce uncertainty and improve the solvency of the regulator.
The National Bank of Ukraine has begun to formulate an updated strategy that takes into account the transition to the “phase of a long war” and the need for subsequent recovery. This was announced by the head of the NBU Andriy Pyshny on Facebook on Monday, February 27.
“The NBU, as the architect of the financial market, cannot continue to follow the “peacetime” strategy. We must respond to challenges and form an updated strategy, keeping two directions in sight: the “resistance strategy”, because we have entered the phase of a long war, and the “strategy recovery, “because victory is ahead and the need for a quick recovery,” he wrote.
The key objective of the strategy changes is to reduce uncertainty and improve the solvency of the regulator.
“The key conclusion is that by joint efforts we must avoid monetization of the budget deficit this year. Emission may seem like a simple and quick solution, a miracle cure. But medicines cannot be more destructive than the disease,” Pyshny emphasized.
The head of the National Bank also said that the previously announced assessment of banks will begin in April.
As reported, in May 2021, the NBU, headed by Kirill Shevchenko at that time, approved a strategy until 2025. The first strategy of the National Bank was published in March 2018 and included seven goals. Including ensuring low inflation, creating a stable, transparent and efficient banking system, resuming lending, effective regulation of the financial sector, etc.
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