The NBU’s Balance Sheet: before, during, and after the Crisis
a National Bank of Ukraine, Kyiv, Ukraine
b Bank of England, London, England

Looking at the evolution of the central bank’s balance sheet gives us a unique window on the forces that have shaped our economy and central bank reaction functions. This paper considers the evolution of the NBU’s balance sheet over the period from 2001-2016, focusing on explicit and implicit monetary policy priorities at different periods. We then make simulations on the NBU’s balance sheet for the next five years assuming current NBU priorities for monetary policy. We then draw conclusions on the likely financial position of the NBU in the future and recommendations to ensure the NBU’s financial strength – essential for its continued independence.

Publication History
Avaliable online 29 September 2016
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Cite as: Kachur, I., Lepushynskyi, V., Zammit, R. (2016). The NBU’s Balance Sheet: before, during, and after the Crisis. Visnyk of the National Bank of Ukraine, 237, 6-19.
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