I look forward to the day when we can put away our unconventional tools and return to what now seems like the relatively straightforward challenge of setting the federal funds rate. At some point it will be appropriate to cease adding to accommodation and, later, to begin the process of withdrawing the significant accommodation required by the extraordinary conditions caused by the financial crisis.
The detailed design of these measures is being discussed as part of current consultations of the NBU and the Ministry of Finance with the International Monetary Fund. The updated forecast, like the previous one, envisages maintaining the key policy rate at a level of 25% at least until Q2 2024.