The NBU reiterates its forecast that inflation will decline to 6.3% as of the end of 2019, return to the target range in early 2020, and reach the medium-term target of 5% at the end of 2020. The tight monetary conditions will continue to be the disinflation driver.
Indeed, in the conduct of monetary policy, little emphasis was placed on trying to explain the objectives of policy because those objectives were not clearly defined. Without clear objectives for monetary policy, central bank actions were generally not predictable. And the conventional way of thinking among central banks was that it was best to say nothing and let actions speak for themselves.