Yesterday, on November 8, the Board of the National Bank of Ukraine met to examine the results of the implementation of the Basic Principles of monetary policy in January - September 2012, within consideration of the issue of "State of the conduct of monetary policy in January - September 2012, and its influence on socio-economic development of Ukraine," the NBU official website informs.

The NBU Board recognized that the implementation of the monetary policy in January - September 2012 provided adequate monetary measures applicable to the processes occurred at the macro level, consistent with the goals and objectives of the monetary policy for 2012 and provided an opportunity to ensure execution of the main constitutional function of the NBU - the stability of the monetary unit of Ukraine.

"Despite unfavorable external macro-economic situation under declining demand and prices for traditional products of Ukrainian exports, the National Bank of Ukraine in January - September 2012 provided the stability of the national currency. Predictable situation in the foreign exchange market remained as well," chairman of the National Bank of Ukraine Board Igor Prasolov said after the meeting. According to him, thanks to a balanced monetary policy of the National Bank of Ukraine, the Ukrainian economy preserved low inflation environment - the consumer price index made up 0% in annual terms.

The NBU Board considers that the stability of the national currency, as well as measures aimed at developing and strengthening the stability of the banking system, contributed to the further expansion of the resource base of banks. The volume of deposits during January - September 2012 increased by 14%. At the same time, mainly because of the significant external risks and uncertainties regarding future developments, the credit activity in Ukraine remained relatively low - within the first nine months of 2012, the balance of loans increased by only 1.2%.

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