Ukraine raises rate 200 basis points on price fear

The National Bank of Ukraine hiked its discount rate from 10% to 12% on Monday in a bid to temper inflation.

Rates are now at their highest level for six years.

The central bank's decision, which will apply from 30 April, follows a 200 basis point hike at the turn of 2008.

The central bank said: "In spite of the monetary and prudential measures taken at the end of 2007 and in 2008, the inflation rate remains rather high."

Inflation for the first quarter of the year hit 9.7%, exceeding the gov

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