The Board of the National Bank has decided to cut the key policy rate from 15.5% to 15%.
The NBU has said this in a statement, the Ukrainian News agency reports.
It is noted that in December, both consumer and core inflation slowed to 8% year-on-year. This dynamics was primarily due to the effects of higher harvests, as well as a certain reduction in pressure on the labor market and the continued stable situation in the foreign exchange market. According to the NBU, the annual growth rate of consumer prices declined in January. At the same time, inflation expectations remained relatively high.
The baseline scenario of the NBU's January macroeconomic forecast envisages a gradual reduction in the key policy rate over the forecast horizon. At the same time, the NBU will refrain from further easing its interest rate policy if risks to price dynamics increase and will be ready to take additional measures if necessary. Instead, the easing of inflationary risks will signal a faster cut in the key policy rate than envisaged by the updated macroeconomic forecast.
As Ukrainian News Agency earlier reported, in March 2021, the NBU raised the key policy rate to 6.5%, in April - to 7%, in July - to 8%, in September - to 8.5%, in December - to 9%, in January 2022 - to 10%, in June 2022 - to 25%.
In July 2023, the NBU reduced the key policy rate from 25% to 22%, in September - to 20%, in October - to 16%, in December - to 15%, in March 2024 - to 14.5%, in April - to 13.5%, in June - to 13%, in December 2024 it increased to 13.5%, in January 2025 - to 14.5%, in March - to 15.5%.
At the same time, the Board of Directors of the Bank of russia at a previous meeting decided to reduce the key policy rate from 17% to 16.5% per annum.
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