National Bank of Ukraine Engages 110 Companies in Online Dialogue on Economy and Business Support

National Bank of Ukraine Hosts Virtual Meeting with Business Leaders

According to НБУ: On November 4, 2023, officials from the National Bank of Ukraine (NBU) held a virtual session with leaders from 110 Ukrainian companies. The discussion focused on the current economic landscape, the NBU’s updated macroeconomic forecast, currency policies, and business support initiatives. Attendees had the opportunity to ask questions, fostering a two-way conversation. NBU Deputy Governor Volodymyr Lepushynskyi expressed gratitude to the business community for their resilience and active engagement in the bank’s surveys.

Key Topics Covered During the Meeting

The event brought together 113 representatives from 110 enterprises across various sectors and regions of Ukraine. The agenda included:

• An overview of the economic situation
• The NBU’s revised macroeconomic forecast
• Interest rate policy
• Conditions in the foreign exchange market
• Currency liberalization efforts
• Banking support for businesses

Volodymyr Lepushynskyi emphasized the importance of ongoing communication between the NBU and enterprises, stating:

“Maintaining regular contact with businesses is crucial for the National Bank. Comparing survey results with other data enables us to keep a clear and comprehensive view of the economy, swiftly identify risks, and respond effectively.”

Representatives from several NBU departments participated, including those responsible for statistics and reporting, monetary policy and economic analysis, financial stability, open markets, and regulation of non-bank financial institutions. The NBU also encourages companies to contribute to surveys through its mobile app, 'Monthly Enterprise Surveys,' available on Google Play and Apple Store. The bank plans to continue fostering dialogue with businesses engaged in these surveys.

This interaction between the NBU and the business sector plays a vital role in maintaining Ukraine’s economic stability amid ongoing challenges. Establishing a continuous dialogue allows the bank to adapt policies responsively to the dynamic business environment. Utilizing digital tools for business feedback enhances public finance management and supports the country’s broader economic strengthening efforts.

As the National Bank of Ukraine engages in vital discussions with business leaders, it's important to consider the recent decision regarding interest rates. The increase in the key interest rate to 16.5% reflects the ongoing economic challenges and highlights the bank's commitment to supporting businesses in this volatile environment.