AUB News

Inflation does not exceed 3.2%, and exchange rate fluctuations are not critical

The National Bank of Ukraine has all the tools to implement an effective monetary policy. This was told by Sergey Mamedov on the air of Channel 5, Vice President of the Association of Ukrainian Banks, Chairman of the Board of GLOBUS BANK. Commenting on the May exchange rate rise, he believes it to be quite acceptable and somewhat predictable.

S Mamedov

According to the expert, nothing extraordinary is currently happening in the foreign exchange market. And there are sufficient reasons for this, as the market is subject to a flexible exchange rate regime.

"We see every day that exchange rates are either increasing or decreasing, which is a direct consequence of the National Bank's policy of gradual liberalisation of the foreign exchange market. Let me remind you that the year started at UAH 38. The exchange rate was also UAH 39. However, the budget for 2024 clearly states that the average annual exchange rate should be UAH 40.7 per dollar. Therefore, it is quite obvious that the exchange rate should rise,’ the banker said.
He is convinced that the exchange rate situation in the market will be stable and predictable, and the exchange rate indicators will meet budget expectations. In his opinion, the flexible exchange rate policy is a good signal to citizens that the market is alive and the risks of a sharp collapse of the national currency are minimal.

"Inflation in annual terms does not exceed 3.2%, and exchange rate fluctuations, although noticeable, are not critical. These two factors clearly demonstrate the effectiveness of the NBU's monetary and inflationary strategies aimed not only at stabilising but also at actively developing the economy. And achieving this in the midst of war is already a great achievement,’ summed up Sergiy Mamedov.

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The mission of the Association of Ukrainian Banks is to support the development of the national banking system. The AUB cooperates with the Verkhovna Rada of Ukraine on improving the legislation governing banking activities, and interacts with the National Bank of Ukraine on regulatory support for the functioning of banks and non-bank financial institutions. The CBA takes care of the professional development of bank employees, expands international relations with associations and banking institutions of other countries.



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