12:18 14.01.2015

NBU monetary policy in 2014 unacceptable, says NBU governor

2 min read
NBU monetary policy in 2014 unacceptable, says NBU governor

The National Bank of Ukraine’s (NBU) monetary policy in 2014 was unacceptable, NBU Governor Valeriya Gontareva has said.

"Last year the central bank financed 40% of consolidated revenues of the national budget. This monetary policy is unacceptable, even in the conditions of hostilities. In 2015, our credit and monetary policy should be more thoughtful," the central bank wrote on its Facebook page, referring to Gontareva, who was speaking at a meeting with bankers on Tuesday.

The situation in the monetary and credit and currency markets, and urgent issues regarding the operation of the banking sector was discussed at the meeting.

"Meeting participants agreed that the holding of currency auctions with the purpose of defining the indicative exchange rate being a benchmark for business and the public should continue," reads the report.

According to the report, on January 12, 2015 a first meeting of the Council of Financial Stability was held: the council includes representatives of the NBU, the Finance Ministry, the Individuals' Deposit Guarantee Fund, securities and financial service markets regulators.

Representatives of the International Monetary Fund (IMF) were invited to the meeting.

"I'm sure that jointly we should find an optimal formula for cooperation and define top-priorities for monetary policy," Gontareva said.

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