Chairman of the National Bank of Ukraine Serhiy Arbuzov held a regular meeting on monetary issues. The meeting included deputies chairman of the NBU Ihor Sorkin and Vira Rychakovska, as well as heads of departments of the National Bank, whose functions are the formulation and implementation of monetary policy.

During the meeting, it was noted that the difficult situation on foreign markets restrains the rise of indicators of economic development of Ukraine. Despite this, in contrast to many developed countries, Ukraine remains the economic growth – a real GDP increased by 3.0% in the second quarter of 2012 compared with the corresponding quarter of 2011. At the same time, the GDP in euro-zone countries decreased by 0.4% and in the UK - by 0.8% during this period.

As of today, the indicators of consumer inflation in Ukraine are not close to optimal, taking into account the impact of seasonal factors and the dynamics of core inflation (3.1%), and give evidence of proper execution of main constitutional function of the National Bank of Ukraine.

The participants of the meeting did not rule out some increase in the rate of inflation in the coming months, which may be caused by seasonal factors and possible acceleration of price growth in world food markets. Also, the inflation in annual terms will be affected by low comparative base of the last year. However, a possible rise in inflation due to the above factors will be rather moderate.

The participants also paid attention to the situation on the monetary market in the past two months, which was characterized, in particular, by higher rates on the interbank market. The chairman of the National Bank of Ukraine stressed that this increase was not the result of changes in monetary policy. On the contrary, within a significant slowdown in consumer inflation, this year National Bank has taken measures to stimulate economic growth through the creation of conditions to reduce the cost of cash resources.

The participants of the meeting, appreciating the regulatory measures already implemented, noted that the available parameters of the basic monetary mechanisms and tools are quite adequate within the current macro-economic and monetary conditions and do not require changes so far.


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