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National Bank keeps refinancing rate at 7,5%

Source : 112 Ukraine

Alongside the preservation of the refinancing rate the National Bank of Ukraine begins the gradual collapse of anti-crisis monetary instruments
23:27, 17 June 2021

dsnews.ua

The National Bank of Ukraine (NBU) kept the refinancing rate at 7,5%. The press service of the regulator reported this.

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The report says that alongside the preservation of the refinancing rate the National Bank begins the gradual collapse of anti-crisis monetary instruments, which should strengthen the effect of previous increases in the refinancing rate and help slow inflation.

According to the NBU, inflationary pressure will remain significant in the coming months, taking into account supply factors and the low base of comparison last year. However, inflation will begin to slow down in October - December 2021 and return to the target of 5% in the first half of 2022, as the central bank expects.

At the same time, the regulator notes an increase in inflation above the NBU forecast due to the rise in prices of some highly volatile components of the consumer set under the influence of short-term factors - consumer price growth in May is 9,5% year on year. At the same time, core inflation accelerated to 6,9% in May year on year due to higher prices of sunflower oil and food products.

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According to the regulator, the main priority remains to continue cooperation with the IMF.

At the same time, the Covid-19 pandemic is still among the key risks. Risks of volatility in global capital markets, a sharp deterioration in trade conditions, and an escalation of the military conflict also remain relevant.

Related: Zelensky's amnesty: Would Ukrainians legalize their piggy bank savings and backdoor salary?

Earlier, the National Bank of Ukraine has announced the introduction of electronic hryvnia. The National Bank of Ukraine also plans to increase its operational efficiency and start the digital transformation by 2025. 

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