of July 15, 2014 No. 417
On regulation of the monetary market
Having analyzed dynamics of macroeconomic and monetary indicators in January - June, 2014, the Board of the National Bank of Ukraine notes acceleration of inflation in Ukraine - the surplus of consumer price index in annual measurement in June, 2014 increased to % 12,0 in comparison with % 0,5 in January. The specified revival of price dynamics was expected, considering drop in the exchange rate of hryvnia, the beginning of the economic reforms connected with increase in administratively regulated prices and rates and the proceeding tension in the east of Ukraine.
Growth of overall price level was considered when processing the program of stabilization which is supported by the International Monetary Fund within the new Stend-bay program. The separate actions provided by it can put certain pressure upon consumer prices during the certain period of time. However ultimate goal of the program of reforms is forming of reliable basis for sustained economic growth and stable work of financial system that will act as guarantee of ensuring price stability in the state in the medium term.
Despite growth of inflation rates in the monetary market the separate positive signs testimonial of gradual improvement of market expectations which in present conditions are one of key factors of stability of national monetary unit of Ukraine are observed.
About the specified shifts, in particular, witnesses domination within the last three months of the net offer of foreign cash in the foreign exchange market of Ukraine. In general its amount in the II quarter 2014 made 0, 5 billion US dollars in comparison with net demand for it in amount 1, of 8 bln. dollars of the USA in the I quarter. It promoted balancing of work of the interbank foreign exchange market.
About improvement of market expectations also witnesses surplus in June of the total amount of deposits of the population in national currency on % 3,3, or on one billion 7,1.
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