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Introduction of inflation targeting regime will allow to improve the efficiency of the NBU monetary policy

29.12.2014

Press release

 

Introduction of inflation targeting regime, which is a strategic priority for the National Bank of Ukraine, will strengthen the regulator’s independency, make monetary policy more transparent and speed-up development of financial markets, Serhii Nikolaichuk, Deputy Director of the General Economic Department, said at the expert roundtable “Is the inflation targeting the best choice for Ukraine today and what is needed for successful monetary regime?” held at Kyiv School of Economics.

 

“Inflation targeting is mainly about saying what you do and doing what you say”, Serhii Nikolaichuk stressed. He explained that such monetary regime provided for well-defined goals, transparent mechanisms to achieve them, predictable monetary policy decisions.

 

Besides, according to a representative of the National Bank of Ukraine, implementation of the inflation targeting will trigger reforms not only in the central bank, but also in the financial sector as a whole, in particular, it will facilitate pursuing more balanced fiscal policy, producing clear benchmark for money value and strengthening analytical and forecasting system of the regulator.

 

Serhii Nikolaichuk also said that inflation targeting has been already implemented in 27 countries, most of which are developing countries. He also added that numerous researches proved that this monetary regime was more resistant to crisis developments and ensured lower volatility of inflation compared with other regimes.

 

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Last modification   29.12.2014