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## NBU keeps rate unchanged despite rising inflation: economists explain reasons
The National Bank of Ukraine (NBU) decided to keep its key policy rate unchanged at 13.5% per annum. This decision was made despite the acceleration of inflation, which in May reached 2.7% in monthly terms and 15.3% in annual terms.
Economists point to several reasons why the NBU decided to maintain the status quo:
* **Focus on economic recovery:** The NBU is trying to balance the need to curb inflation with the need to support economic recovery. Raising the key policy rate could slow down economic growth, which is still fragile after the shock of the full-scale invasion.
* **Exchange rate stability:** Maintaining a stable exchange rate remains a priority for the NBU. A sharp increase in the key policy rate could lead to an appreciation of the hryvnia, which would negatively affect the competitiveness of Ukrainian exports.
* **Fiscal policy coordination:** The NBU is coordinating its monetary policy with the government's fiscal policy. The government is implementing measures to reduce the budget deficit, which should help to curb inflation.
* **Lagged effect of previous rate hikes:** The NBU has already raised the key policy rate several times in the past year. These rate hikes are expected to have a lagged effect on inflation.
* **Expectations of lower inflation in the future:** The NBU expects inflation to slow down in the coming months due to a number of factors, including a decrease in global energy prices and an improvement in supply chains.
However, economists warn that the NBU may have to raise the key policy rate in the future if inflation continues to accelerate. The NBU will closely monitor inflation data and adjust its monetary policy accordingly.
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