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Economy 2020-05-15T05:34:44+03:00
Ukrainian news
NBU Retains Discount Rate At 17%

NBU Retains Discount Rate At 17%

NBU, discount rate

The National Bank retained the discount rate at the level of 17%.

The NBU announced this in a statement, Ukrainian News Agency reports.

It is noted that in March, consumer inflation continued to slow down and amounted to 13.2% in annual terms.

At the same time, inflation was higher than the intentions of the National Bank.

Core inflation also remained significant (9.4% year over year).

The main reason for high inflation was further rapid growth in food prices.

This was due to increased exports of foodstuffs against the background of a decrease in the output of certain categories of agricultural products.

Also, inflationary pressures continued the growth of labor costs.

The prices were also affected by the rapid recovery of consumer demand due to higher social standards.

At the same time, the holding by the National Bank of a tight monetary policy restrained inflationary pressures, in particular through the exchange rate channel.

As expected, previous increases in the discount rate made financial instruments in hryvnia more attractive, which contributed to the inflow of foreign capital.

Along with the increase in the proceeds of foreign exchange earnings from exporters, this caused the transition from the devaluation trend to the strengthening of the hryvnia from January 2018.

As Ukrainian News Agency earlier reported, since March 4, 2015, the NBU raised its discount rate from 19.5% to 30%.

Then, the NBU repeatedly retain the discount rate at 30%.

On August 28, 2015, the NBU reduced the discount rate to 27%, and on September 25, 2015 - to 22%.

Since April 22, 2016, the National Bank has reduced the discount rate from 22% to 19%, on May 27, 2016 - from 19% to 18%, on June 24 - from 18% to 16.5%.

On July 29, 2016, the NBU reduced its discount rate from 16.5% to 15.5%, from September 16, 2016 - from 15.5% to 15%.

On October 28, 2016, NBU reduced discount rate from 15% to 14%, and in December 2016 and January 2017 - retained at 14%, in April 2017 - reduced to 13%, in May 2017 - reduced to 12.5% in October - increased to 13.5%, in December 2017 - to 14.5%, in January - to 16%, in March 2018 - to 17%.

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