Ukraine Monetary Policy


Ukraine: Central Bank maintains interest rate at 15-year high

July 31, 2015

At its 30 July Monetary Policy meeting, the National Bank of Ukraine (NBU) decided to leave the discount rate unchanged at 30.00%. As a result, the discount rate remains at the highest level since 2000.

In its accompanying statement, the Central Bank commented that there has been a gradual easing in inflationary pressures and that core inflation has moderated in recent months. The Bank pointed out that this improvement in inflationary pressures is due largely to the recent exchange rate stability and a more balanced foreign exchange rate market. Against this backdrop, the Central Bank decided to keep the discount rate at the historically high level of 30.00% to keep the money market balanced. Looking forward, the Central Bank stated that it may loosen monetary policy in the future if inflation risks subside further.

FocusEconomics Consensus Forecast panelists expect an average forecast of 21.05% for the NBU’s discount rate this year. For 2016, panelists expect the discount rate to fall to 14.67%.

Author: Angela Bouzanis, Senior Economist

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Ukraine Monetary Policy Chart

Ukraine Monetary Policy July 2015

Note: NBU discount rate in %.
Source: National Bank of Ukraine (NBU).

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