Economy 2021-05-15T07:04:49+03:00
Ukrainian news
NBU Retains Discount Rate At 17%

NBU Retains Discount Rate At 17%

NBU, discount rate, inflation

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

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

"Inflation continued to decline in April-May 2018, as projected by the NBU," the statement reads.

headline inflation decelerated to 13.1% year over year last month.

This was a minor deviation from the NBU's latest forecast, caused by the most volatile components and likely to vanish in the coming months.

"In line with the NBU's preliminary estimates, inflation is expected to decrease markedly in May, reflecting both statistical base effect and a significant drop in food prices," reads the statement.

According to the statement, the central bank's tight monetary policy continued to contain the underlying inflationary pressure.

This was reflected in the core inflation measure that remained unchanged in April, at 9.4% year over year, and was in line with the NBU's projections.

"There are signs of some improvement in inflation expectations as well," reads the statement.

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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