DOI:

Abstract

Monetary policy is one of macroeconomic policies, by which the central bank controls and regulates money supply or interest rates to stabilize prices, attain economic growth, and create employment. In 2011, global economic instabilities and intrinsic problems of the domestic economy challenged the operation of macroeconomic policies in general and the monetary policy of the SBV in particular. As a state authority of currency and banking activities, the bank has attained some achievements by implementing strictly and cautiously the monetary policy, which contributes to the realization of general macroeconomic targets prioritized for inflation restriction, macroeconomic stabilization, and social welfare. The economic goals for the next few years such as macroeconomic stabilization, enhancement of economic growth quality, and unpredictable changes in the global economy remain challenges to the implementation of SBV monetary policy.

Keywords

Monetary Policy Implementation; Inflation; Macroeconomic Stabilization; SBV.