NBU keeps its key policy rate unchanged at 25% per annum

20 October 2022, 04:28 PM
NBU kept the discount rate at 25% per annum (Photo:Press center of NBU)

NBU kept the discount rate at 25% per annum (Photo:Press center of NBU)

The Board of the National Bank of Ukraine (NBU) on Oct. 20 decided to keep its key policy rate at 25% per annum.

According to the press release, the NBU took such a step as the inflation dynamics are close to the forecast and the balance of risks is skewed upward over the policy horizon.

It is noted that if required, the NBU stands ready to raise the key policy rate above its forecast and will further deploy additional measures to protect international reserves, as well as and to maintain control over inflation.

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On June 2, for the first time since the beginning of Russia’s invasion of Ukraine, the NBU raised the key policy rate from 10% to 25% per annum.

At the start of the large-scale Russian aggression, the NBU decided to refrain from taking any key policy rate decisions. At the same time, the gradual adaptation of Ukraine’s economy and the psychological shock giving way to the economic decision-making logics of businesses and households require changing the approach to monetary policy.

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