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00:00I know it's been a busy week. I know it's it's a very tense moment at the moment. What can you do further to try and make sure that you're prepared for any eventuality from the from the monetary stability. I can I can I can answer. So as you correctly mentioned yesterday we've hiked we've increased our cure rates. So it's the it has a two scenes behind the first one. It's the inflation sort throughout the world. We see the inflation and the second. Of course it's a tension with Russia. OK. So the attention was Russia. It's mostly affected to the fixed exchange rate and the. But it's only on the one hand and out of hand that last time we've seen that a lot of currencies from the emerging markets are weakening in terms of the US dollars like for ones low to Hungarian for EDC Ukraine and also worked for three point four percent price. But since the beginning of the year appreciation of Shery Ahn. It's above three point five Brad Stone. So we are ready to answer to do. Is anything that you can do more to actually and prepare for a possible invasion from the financial stability point of view. For sure. For sure. We have a plan B. What I can talk about here. So give me a sense of actually what you think would work. You're very good understanding finance and deterrence. You know what would work to try and tell Russia to back off right now. Is it hitting them with sanctions or is it even touching the Swiss pains. So they so mean if our partners mentioned. So the the potential sanction we see. OK. From the from the financial point. Right. We see as a comprehensive reaction. And there. So it should work. So you wouldn't touch swift means to switch to cutting that out of a Swiss payment system would be you know would definitely send a very firm message. Yes. So it could be also swift. I guess it's it will be also the number of sanctions will be provided. But it's better to shoot to address this question to our partners. Governor when you look at some of the financial aid that you received for example for the U.K. or from the U.K. what more do you need me for some financial backing from the U.K.. Ukraine has had. Is there anything else that you need from partners. Okay. So we we have no really good cooperation with the governments. So a lot of us Ben Ecofin. And by the way we really appreciate. Bank of England for the decision made. These may be in terms of the bailing out of the biggest bank being nationalised it pretty well bank. And the way we do really appreciate. We have a good cooperation. So I do not expect something more in the routine work. So in terms of extreme agenda we should discuss governance. Also Ukraine has recently received an extension for its loan program by the IMF but it expires next year. What happens after that. So the NBA you in any of our forecast we have IMF cooperation behind. So from my point of view the continuation of the cooperation with IMF is crucial for Ukraine because it's not only about the money. It's it's a lot about their reputation. It's about trust towards. So they assist. This is the crucial point anyway. It's also about the money. This year Ukraine has got from their received from the IMF amount one point nine million is a billion dollars. So it's approximately two point seven billion U.S. dollars is that they are allocation. It's allowed us to receive also from European Commission commissioner. Six hundred men their own assistant. Then the second tranche. So that will be extended next year. So not not current program. Right. We will discuss next year. We switch the discussion for the upcoming program. Do you worry at all about central bank independence in Ukraine. Actually not now. Not now. And the sense to the new law about the interview which was adopted recently and by the way it was the adoption of this law was one was one of the prior action in the current IMF program. So so far nor any evidence that any threats to the NBA independence. Talk to me a little bit about. Your biggest concerns I think you know outside Russia and a possible invasion is it. Energy prices. Is it on the crown. And actually how uncertain does the economy look at this juncture in time. Okay. So we have absolutely clear mandate is as is a central bank. It's a price stability. And I can tell you that we've OK. The biggest the biggest concern is the inflation as we discussed. But it seems to me that the peak on inflation in Ukraine has already passed. So we since the since the September of this year the peak was in September it was Paul Allen. Unfortunately it's a two digit. But then October with ten point nine. November 10 from ten point three. So it's direction for our monetary policy. And now this seems you're absolutely right. The gas price shock. Yeah. A lot of shocks. Yeah. It's a gas gas price shocks. OK. Still on suddenly it was still uncertain in the nineteen gas gas price. Yeah. So now we see. Unfortunately. No. And we you know we forecast we see the gas prices will change for 15 percent. So but but it's still there. But we call all the oldest risk we have in our forecast and the new forecast we will show in the beginning of the year in January. I'm going to talk to us a little bit about the president said that you know he has a confidence in you as of today. Is your uncertainty about whether you'll stay in your current job. Is it stressful to be in that position. OK. So I will refrain from interpreting what the president has say to you. Better ask him. OK. As for the pressure is for depression. It's a stressful job. What you do. Yeah. Yeah. So it's a stressful job. And so I've been under pressure since since my appointed this chair. So yeah there's no concern about your house or there's no say markets wants ability. So of course the central bank was usually key to that. Will you stay in your job. OK. So I see that we've did the interview. He's done a lot of good job. We see the market stability in financial markets to be a little. Absolutely profitable. And by the way it's the highest profit by the pope refused to rule for independent Ukraine of banking system. So we've done a lot of job in terms of independence from the National Bank and we have a lot of plans ahead. I'm not going anywhere. Governor so not today but today. OK. So today today we see attempts by certain actors to influence the decision making process was in the NBU. It's OK. It's a smear campaign targeting the NBU and its top management. So even the criminal cases. But so this is one of the downsides of being NBU Governor. And by the way my predecessor has also experienced it. Governor thanks so much. Kyrylo Shevchenko there the governor of the National Bank of Ukraine joining us this morning.

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Ukraine Central Bank Governor on Russia Tension, Inflation, IMF

Ukraine Central Bank Governor Kyrylo Shevchenko discusses tension with Russia and the outlook for the country's economy and its loan program with the International Monetary Fund. He talks with Francine Lacqua on "Bloomberg Surveillance: Early Edition."

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