The exchange rate started to play the role of a nominal anchor for expectations, and went on to become the main instrument for curbing inflationary pressures and ensuring macro-financial stability in Ukraine. 3/7  BIS - Central bankers' speeches  The NBU also adjusted the operational design of its monetary policy, taking a set of crisis measures to mitigate risks to financial stability.
Over time, however, these banks evolved into official institutions, with various roles. It is not my intention to give a historical account of the evolution of the role of central banks through the ages. Rather, I will fast-forward to the modern period and highlight the current thinking about central banks and their appropriate mandates and policies.