The National Bank of Ukraine published an analytical article by First Deputy Governor Sergiy Nikolaychuk for Vox Ukraine that recounts how inflation targeting was introduced in Ukraine and how the monetary policy regime has evolved. The piece covers the conditions the central bank faced when implementing inflation targeting, the internal innovations that accompanied the regime change, and the inflation-targeting framework, including the rationale for setting the medium-term inflation target at 5%. It also reviews how the regime performed prior to the full-scale invasion, describes major shifts in monetary policy since 24 February 2022, and sets out strategic priorities.
National Bank of Ukraine 2025-08-22
National Bank of Ukraine publishes analysis on launching inflation targeting and the 5 percent medium-term inflation target
The National Bank of Ukraine released an article by First Deputy Governor Sergiy Nikolaychuk on the introduction and evolution of inflation targeting in Ukraine. It discusses conditions and innovations during implementation, the rationale for a 5% medium-term inflation target, and the regime's performance before the full-scale invasion. The article also outlines major monetary policy shifts since February 2022 and future strategic priorities.