Head of the National Bank of Ukraine (NBU) Valeriya Gontareva has criticized a proposal of Chairman of the NBU Council Bohdan Danylyshyn to consider the possibility of switching to the nominal GDP targeting from 2018. She recalled that the monetary policy of the central bank has been approved for the medium term outliik and envisages the inflation targeting with slowing inflation to 5% by 2019.

"He [Danylyshyn] could invent a Ukrainian bicycle. Maybe he wants to be first who will target GDP? The world is disputing stability and double mandate, but only FRS [Federal Reserve System of the United States] and a couple more of central banks in the world are in charge of the labor market along with price stability," she said in an interview with Interfax-Ukraine.

She said that he supports a statement that the monetary policy finally should promote growth.

"The main thing is that it should not hinder price stability and stability of the banking system. Everyone has this mandate. Our law on the National Bank we passed in 2015 is our mandate built on the best global practices," she said.

She reminded that the NBU Council approved the monetary and credit policy for the medium term outlook, not for one year.

"It is said that 8% +/-2 percentage points of inflation for this year, 6% for next year and 5% for 2019. When it reaches 5%, then he could invent any new Ukrainian bicycle," Gontareva said.

She said that risks of possible conflicts between the NBU Council and the NBU governor with the board are the smallest. The approval of the key principles of the monetary and credit policy for 2017 and medium term outlook is evidence of this.