Toughening of monetary policy to have limited impact on currency liberalization

 The decision of the National Bank of Ukraine (NUB) to increase the refinancing rate would have a limited impact on the future decisions of the central bank regarding currency liberalization.

"The liberalization of the currency market is a priority for the NBU. We many times said that the restriction we have today are hindering for inflow of foreign direct investment (FDI) to the Ukrainian economy. The bill on currency that has been almost completed will be soon presented at the National Reforms Council and we will submit it to parliament as a priority bill," acting Governor of the NBU Yakiv Smolii said at a briefing in Kyiv on Thursday.

Deputy NBU Governor Oleh Churiy said that the central bank is to balance between low and stable inflation and the negative influence of currency restrictions on GDP growth.

"If we speak about the liberalization, the key criterion this year for further liberalization will be the state of the currency market, as liberalization first aims at stimulating economic growth," he said.