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CBU TO IMPLEMENT INFLATION TARGETING REGIME

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CBU TO IMPLEMENT INFLATION TARGETING REGIME

The Central Bank is instructed in the period until 1 March 2018 to develop and approve a medium-term framework for the development and implementation of monetary policy and a Road map for implementation of the Concept for 2018-2021, providing a gradual transition to the inflation targeting regime

Presidential Decree dated 13 September 2017 #ПП-3272 approved measures on further improvement of monetary policy.

The document approved a Complex of measures on further improvement of monetary policy in the period 2017-2021, and the gradual transition to the inflation targeting regime, which was approved by the Central Bank, Ministry of Finance and Ministry of economy.

The Central Bank is instructed in the period until 1 March 2018 to develop and approve a medium-term framework for the development and implementation of monetary policy and a Road map for implementation of the Concept for 2018-2021, providing a gradual transition to the inflation targeting regime, including through:

— improving coordination of economic, fiscal and monetary policies, focusing on interoperability and harmonization of objectives on economic growth, state budget balance and the stability of the price level in the economy;

— expanding the set of effectively applicable interest rate instruments of monetary policy operations on the provision and attracting liquidity;

— wide application of market mechanisms for determining interest rates, including on loans;

— improving models for macroeconomic analysis and forecasting in accordance with the advanced international experience;

— increasing the transparency and predictability of monetary policy, including by strengthening the relationship with the public in order to inform about the tools used and the ultimate goals of the policy.

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