KIEV, Dec. 19 - Any large-scale targeting of inflation in Ukraine is only possible after the financial markets enter a higher level of development, according to Anatoliy Shapovalov, first deputy chief of the National Bank of Ukraine.

"Under conditions where the financial market is not developed, we cannot transfer to targeting inflation. Now over 90% of transactions are made on the non-organized market... We'll achieve price stability in the future. However, the elements for targeting [inflation] appeared a long time ago. Now banks can place funds with us, buying certificates and can be refinanced. There won't be radical changes in our policy," Shapovalov said in an interview with the Kommersant-Ukraine newspaper.