The National Bank of Ukraine (NBU) should gradually quit the tough monetary and credit policy and apply smoother monetary tools to provide for the development of the national economy, Head of the NBU Council Bohdan Danylyshyn has said.

"The right monetary and credit policy is the third element of the economic growth. I think that we should gradually quit the tough monetary and credit policy towards smoother monetary ways of providing for the development of the national economy," he wrote on his Facebook page.

He said that extra inflation targeting hinders economic growth.

"We should attentively protect own interests to our foreign creditors who make us applying extra inflation targeting. With the retaining of price growth we kill the sprouts of our economic growth," he wrote.

Danylyshyn added that the main goal is economic growth.