NBU surprises with hold in Shevchenko’s first policy decision

Kyrylo Shevchenko
Kyrylo Shevchenko
Photo: National Bank of Ukraine

The National Bank of Ukraine surprised many analysts today (July 23) by holding rates, a few days after new governor Kyrylo Shevchenko gave remarks that many interpreted as a desire to ease policy.

The NBU board opted to hold the policy rate at 6%. “This, on the one hand, will curb price growth as the economy recovers in 2021–22, while on the other hand leaving room for further decreasing the cost of credit to one-digit levels,” Shevchenko told press.

Inflation was 2.4% in June. Though the

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