Economy 2022-08-15T05:23:47+03:00
Ukrainian news
NBU Retains Discount Rate At 6%

NBU Retains Discount Rate At 6%

NBU, discount rate, quarantine

The National Bank has retained the discount rate at the level of 6%.

This is indicated in a statement by the NBU following a meeting of the Monetary Committee, Ukrainian News Agency reports.

"Consumer prices rose by 3.8% y/y in November. On a monthly basis, the index also grew by 1.3%. This growth was higher than the National Bank had expected. A significant contribution was made by the increase in the cost of natural gas in the European market, which affected domestic prices for gas, heating and hot water. Besides, the prices of certain foodstuffs have skyrocketed due to a worse harvest and the associated rise in world prices," it was said.

It is noted that rapid consumer demand has also supported the rise in prices in recent months.

Higher incomes and worsening expectations, including due to the uncertainty of quarantine, prompted citizens to spend heavily.

This was evidenced by the growth of retail turnover.

It also contributed to a strong economic recovery in the second half of the year.

The impact of the "weekend quarantine", according to NBU estimates, was relatively insignificant, although it led to a deterioration in business and consumer sentiment.

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

Later, the central bank retained the discount rate at the level of 30% several times.

On August 28, 2015, the central bank lowered the discount rate to 27%, and on September 25, 2015 - to 22%.

Since April 22, 2016, the National Bank lowered 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 National Bank lowered its discount rate from 16.5% to 15.5%, from September 16, 2016 - from 15.5% to 15%.

On October 28, 2016, NBU lowered discount rate from 15% to 14%, and in December 2016 and January 2017 - retained at 14%, in April 2017 - lowered to 13%, in May 2017 - lowered to 12.5% in October - raised to 13.5%, in December 2017 - raised to 14.5%, in January - raised to 16%, in March 2018 - raised to 17%, in July 2018 - raised to 17.5%, in September - raised to 18%, in April 2019 - lowered to 17.5%, in July 2019 - lowered to 17.0%, in September 2019 - lowered to 16.5%, in October 2019 – lowered to 15.5%, in December 2019 – lowered to 13.5%, in January 2020 – lowered to 11%, in March 2020 – lowered to 10%, in April 2020 – lowered to 8%, in June 2020 - lowered to 6%.

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