National Bank wants to avoid responsibility for the exchange rate of the hryvnia

The article of the Constitution of Ukraine, which provides for the responsibility of the Central Bank for the stability of the national currency, should be reviewed in order not to mislead Ukrainian people about the responsibility of the National Bank for the rate of the hryvnia.

This was stated by the first deputy head of the NBU Oleksander Pisaruk, the "Interfax-Ukraine" reported.

"How to increase the independence of the central bank… We need to start with the Constitution, which states that the National Bank is responsible for the stability of the national currency, and this stability is not clearly defined. Therefore, people in this country understand it as the stability of the exchange rate of the currency, while it actually refers to the rate of inflation. So, we need to correct it," – he said.

"In other words, we have a plan for legislative changes that will hopefully lead to greater independence," – the banker said.

He said that the exchange rate is not the primary target parameter of the National Bank’s monetary policy, the main target parameter is the inflation rate.

In addition, Pisaruk reported about plans to introduce significant amendments to the Law on the National Bank, which, among other things, include changes to principles of operation of its Council.

It is planned to change the number of the NBU Council members, conditions of its work, powers and relationship with the Board.

Also, the first deputy head of the National Bank complained about the incomleteness of the Council and difficult relations with it: some Council members until recently were not even in the country.

In addition, according to Pisaruk, in the next two months, the National Bank intends to send to the parliament a legislative initiative on the responsibility of bank shareholders for theft and providing a distorted statements.