Yakiv Smolii: Consequences of the coronavirus pandemic for Ukrainian economy and the crisis management policy of Ukrainian central bank

Report by Mr Yakiv Smolii, Governor of the National Bank of Ukraine, to Verkhovna Rada of Ukraine (Parliament of Ukraine), Kyiv, 13 May 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Dear Chairman, dear parliamentarians!

Thank you for the opportunity to tell you how the NBU is helping the Ukrainian economy overcome the consequences of the coronavirus pandemic. Spoiler: successfully.

The corona crisis is the first crisis in the history of Ukraine with none of the following:

bankruptcy of banks

spike in inflation

catastrophic decline in international reserves

long lines near ATMs.

Unlike in previous crises, the banking system today is not a burden for the economy, but rather its lifeline. We are not saving the banking system - the banking system is saving the economy.