Economy 2022-05-15T04:16:58+03:00
Ukrainian news
NBU Raises Discount Rate By 1 p.p. To 10%

NBU Raises Discount Rate By 1 p.p. To 10%

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NBU, discount rate, inflation

The National Bank of Ukraine (NBU) has raised the discount rate by 1 p.p. to 10%.

The NBU has said this in a statement following a meeting of the Monetary Committee, Ukrainian News Agency reports.

It is noted that after passing the peak in the fall of 2021, inflation was declining, but more slowly than expected, and fundamental inflationary pressures even intensified.

By the end of the year, inflation was declining due to record harvests and the correction of some world food prices, the effects of the strengthening of the hryvnia in previous months, the exhaustion of the low base of comparison, and tightening of monetary policy.

Inflation was also held back by administrative decisions to fix tariffs for some housing and communal services.

As a result, consumer price growth slowed down from a peak of 11% in September to 10% in December.

At the same time, a speedy slowdown in inflation was prevented by the pass-through to the cost of goods and services of further growth in world energy prices and pressure from other business production costs, including wages.

The influence of strong consumer demand also remained.

This, in particular, led to a further increase in core inflation to 7.9% at the end of the year.

As Ukrainian News Agency earlier reported, on October 28, 2016, the NBU reduced the discount rate from 15% to 14%, and in December 2016 and January 2017 it kept it at the level of 14%, in April 2017 it reduced it to 13%, in May 2017 it reduced it to 12.5%, in October - increased to 13.5%, in December 2017 - to 14.5%, in January - to 16%, in March 2018 - to 17%, in July 2018 - to 17.5%, in September 2018 - to 18%, in April 2019 - reduced to 17.5%, in July 2019 - to 17%, in September 2019 - to 16.5%, in October 2019 - to 15.5%, in December 2019 - to 13.5%, in January 2020 - to 11%, in March - to 10%, in April - to 8%, in June - to 6%, in March 2021 - increased to 6.5%, in April 2021 - to 7.5%, in July - to 8%, in September - to 8.5%, in December - to 9%.

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