Inflation targeting can work even with a fixed exchange rate, as shown by Singapore's experience. This means Ukraine's National Bank can still aim for price stability while managing its currency's value. Singapore's central bank can adjust its policies quickly to control both exchange rates and interest rates, proving that flexibility is possible. This approach is recommended for small, open economies by organizations like the IMF. Singapore's success in maintaining stable prices without solely focusing on interest rates shows that a balanced approach can be effective.