After introducing inflation targeting in 2015, the NBU managed to take inflation down from the record 60% level and stabilize it at its 5% target. Switching to the floating exchange rate and strengthening the central bank's institutional credibility and independence were the key factors in that success.
Apart from global challenges, Ukraine is currently forced to deal with the fallout from the invasion, which has destroyed one-third of the economy. While responding to the war, the NBU had to deviate from its benchmark inflation targeting approach, but our fundamental principles remain unchanged.