NBU representative says what helps to reduce dollarization level

The long period of economic and exchange rate stability has helped regain public trust in the national currency, as evidenced by the reduction in the level of dollarization of bank deposits, deputy director of the general department for monetary policy of the National Bank of Ukraine Oleksandr Arseniuk stated.

"First of all, there must be trust in the national currency. How can we provide this trust? Only by stability of the national currency. In accordance with the Constitution of Ukraine, the main function of the National Bank is to ensure the stability of the national currency," Arseniuk said.

The NBU representative noted that the country achieved the stable situation on the foreign exchange market. Macroeconomic stability and low inflation, which built confidence in the national currency, promoted de-dollarization processes. Arseniuk also noted that the number of regulatory measures taken by the National Bank during the last two years has contributed to the large extent of currency market stabilization, as well as reduction of the overall dollarization level of the economy.

He expressed belief that the trend towards de-dollarization and reduction of public interest in the currency will remain in the future. "The National Bank will continue to take all necessary measures to ensure that both population and economic entities give preference to our national currency," Oleksandr Arseniuk concluded.