The NBU discount rate increased to 14.5% per annum
The national Bank of Ukraine from December 15, 2017, increase the discount rate to 14.5% per annum in connection with the increasing inflation risks.
About it reports a press-service of the national Bank.
“The Board of the National Bank of Ukraine adopted a decision to raise the discount rate to 14.5% per annum from December 15, 2017. Given the inflationary risks of a more tight monetary policy is necessary to reduce inflation to the target level in the medium term. In the past two months, the rate of consumer inflation declined, but more slowly than predicted by the national Bank. In November 2017, it amounted to 13.6% per annum”, – stated in the message.
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The deviation from the projected inflation, the NBU explained by higher production costs at reviving consumer demand. Also factors include the increase in fuel prices, and raw food products, foods, services and so on.
Thus, inflation is much more substantial deviated from the projected level, therefore it was decided to raise the discount rate.
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The national Bank noted that inflation in Ukraine was higher than its forecasts
“In the case of further strengthening of fundamental inflation risks the national Bank may continue raising interest rates to bring inflation to the target trajectory. The next decision on interest rates in January 2018 will be based on new macroeconomic forecasts, particularly on inflation,” – added the press service of the NBU.
We will remind, the national Bank of Ukraine has simplified the procedure of entry by residents of foreign currency. Without documents confirming the origin of funds, it is now possible to import more than $ 10 thousand Euro and their equivalents.
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