On March 31, the Monetary Policy Committee of the National Bank of Ukraine recommended that the NBU Board maintain the discount rate at 30% per annum, without changing other parameters of the monetary policy.
The NBU raised discount rate from 19.5% to 30% per annum, record high level for the Ukrainian banking system, on March 4.
Following the increase in the discount rate the regulator raised rates on liquidity support operations, including the one-day refinancing rate, to 33% per annum, as well as the interest rates on the mobilization of resources through the sale of certificates of deposit.
The next meeting of the Monetary Committee of the NBU, responsible for determining the parameters of the NBU’s monetary policy, is scheduled for April 22-23.
After raising the discount rate and introducing a number of restrictions on the foreign exchange market, the national currency hryvnia has been demonstrating a slight recovery – the most recent official NBU rate against the dollar (as of April 15) was UAH 22.93 to the dollar.
