Ukraine hikes rates as fears grow of spiralling inflation

Overnight rate doubled while the discount rate put on 300bp

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

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