The National Bank wants to create requirements that facilitate the work of every business. But we have to act in conditions of limited resources, said Andrey Pyshny.
Three stages of monetary liberalization will be introduced in Ukraine. Systemic prerequisites are being created for this, said Andriy Pyshny, head of the National Bank of Ukraine (NBU).
“We are in conditions of uncertainty, so we cannot predict monetary liberalization with specific dates; we are working to create systematic requirements that will allow us to implement the three phases of monetary liberalization. By moving to a flexible exchange rate, we eliminated multiple rates, now there are two rates, and the spread between them has shrunk to about 2%,” he said.
According to Pyshny, the second stage of monetary liberalization is the weakening of trade financing and the servicing of old business debts. The NBU wants to create requirements that facilitate the work of every business. But the regulator has to act in conditions of limited resources, namely international aid and export earnings.
“Export earnings that do not return to the country have doubled during the war, and this is a problem that needs to be discussed. We are running through artificial import schemes that bleeding gold and foreign exchange reserves. We understand how important it is to give business more oxygen. We want to move to the liberalization strategy, and we will follow it, “said the head of the NBU.
Pyshny emphasized that the transition to a flexible exchange rate in war conditions is a complex but necessary project so that the economy absorbs both internal and external influences.
Let’s recall that in November 2023 it became known that the NBU was moving to a policy of easing monetary restrictions. Correspondent.net discussed in detail what positive changes the new course of the regulator will bring to the economy and population.
Source: korrespondent
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