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To cool down inflation, Ukraine's National Bank keeping quite tough monetary policy

To cool down inflation, Ukraine's National Bank keeping quite tough monetary policyThe board of the National Bank of Ukraine (NBU) has decided to keep the refinancing rate at the level of 12.5% per annum.

The corresponding decision on the size of the refinancing rate (No. 493-RSh) was approved by the central bank on August 3.

"The need to return inflation to target values may result in holding the refinancing rate at the current level until the National Bank receives clear signs of leveling inflationary risks. The board of the National Bank is convinced that achieving price stability is a prerequisite for a sustained economic growth," a press release reads.

According to the report, the NBU board considers it possible to continue a gradual liberalization of foreign exchange regulation by easing temporary administrative restrictions, the weakening of which does not create risks for destabilizing the currency market.

At the same time, in a case of growth of fundamental inflationary pressure, the NBU monetary policy will be quite tough for a longer time to resume the trend of lowering inflation according to the declared goals, the regulator notes.
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