The National Bank of Ukraine has raised its discount rate to 14.5% effective January 24, up 1% from the previous rate, the NBU said on Thursday, UNN reports.
Details
"The Board of the National Bank of Ukraine has decided to raise the key policy rate to 14.5% per annum. The decision is aimed at maintaining the stability of the foreign exchange market, keeping inflation expectations under control, reversing the inflation trend, and gradually slowing inflation to the 5% target. Containment of price pressure is likely to require further tightening of interest rate policy," said NBU Governor Andriy Pyshnyi.
Recall
Last year, the National Bank of Ukraine raised the key policy rate to 13.5%, arguing that this decision should maintain the stability of the foreign exchange market, keep inflation expectations under control, and gradually slow inflation to the 5% target.