Ukraine hikes rates as fears grow of spiralling inflation

stepan-kubiv
NBU governor Stepan Kubiv

Ukraine's central bank last night moved to shore up the value of the country's currency by raising its benchmark interest rate from 6.5% to 9.5%, in the hope of attracting more deposits and having a "positive impact on Ukraine's foreign exchange market conditions".

The hike in the discount rate is effective from today, and follows March inflation data of 3.4% annualised – versus 1.2% in February. The interest rate on overnight loans provided by the National Bank of Ukraine (NBU) against collater

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