The National Bank of Ukraine has decided to raise its refinancing rate to 19.5 percent per annum starting February 6 from 14 percent, Governor of the National Bank of Ukraine Valeriya Gontareva said at a press conference in Kyiv on Feb. 5.
“In order to ensure the forecast and controlled development of the situation on the market, the National Bank will employ a tighter monetary policy. In particular, it has been decided to raise the refinancing rate on Feb. 6 to 19.5 percent,” according to a release given to journalists before the press conference.
The National Bank raised its key refinancing rate on Nov. 13 to 14 percent from 12.5 percent. The discount rate had sat at 12.5 percent since July 17, 2014.
The last time the National Bank’s refinancing rate was higher was in 2001. It was set at 21 percent on April 7, 2001, and then lowered to 19 percent on June 11, 17 percent on Aug. 9, 15 percent on Sept. 10 and 12.5 percent on Dec. 10.
