Issue 21: Ukraine’s Monetary Stability: Monetary and Exchange Rate Policy

Since Russia’s invasion of Ukraine on 24 February 2022, Ukraine has adopted various measures and policies to support business and economic activities in the country. Alongside fiscal policies as well as business and labor support programs, monetary regulations have played a crucial role in ensuring the resilience of its wartime economy.

The National Bank of Ukraine (NBU) has been efficiently responding to monetary developments, implementing effective actions to maintain the country’s monetary stability. This bulletin provides an overview of some of the most recent monetary and exchange rate policies adopted in Ukraine and analyzes their effectiveness by looking at three key monetary stability indicators: exchange rate, inflation, and reserves.