Central banks do not always find it easy to become more transparent to the outside world, even when they serve stable economies in orderly, peaceful countries. But the National Bank of Ukraine has dramatically increased its openness even as it had to cope with a host of serious problems.
The NBU has considerably increased its transparency in the past year, and in the preceding three years, despite exceptionally difficult circumstances. Its next goal is to improve financial literacy as a step towards better dialogue with public.
By persisting with its efforts, the NBU has shown that increased transparency is not just something that benefits comfortably independent central banks in the world’s most prosperous jurisdictions. Transparency can also be a vital tool for central banks seeking to reform economies hit by crisis.