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National Bank of Ukraine left the discount rate unchanged

In order to consolidate the positive developments in the money market and upheld the disinflation trend, the Board of the National Bank of Ukraine decided to leave the discount rate unchanged at 30%.  The decision was taken at a meeting of the Board of the National Bank of Ukraine held on July 30, 2015, which focused on the monetary policy issues. 

The meeting discussed the macroeconomic situation, the situation in the money market, the outlook for the further development of the situation and possible changes in the monetary instruments.  The Board members pointed to a gradual easing in inflationary pressure.  In June, headline inflation continued to slow down – the consumer price index was up by 0.4% in June, compared to an increase of 2.2% in the previous month. The rate of core inflation also moderated to 0.4% in June (compared to 4.6% in April and 1.9% in May). The more balanced foreign exchange market was among the factors which contributed to containing price dynamics.  In July, as was the case in the previous two months, the demand for foreign exchange was lower than the supply of foreign exchange in the interbank and cash segments of the foreign exchange market.  Therefore, the UAH/USD exchange rate fluctuated within a narrow range.

Commenting on the current situation in the money market Governor of the National Bank of Ukraine Valeria Gontareva said: “The positive developments that we observe prove the efficiency of the NBU stabilizing measures. The money market is currently balanced, and if this equilibrium is maintained – we expect the headline inflation to decelerate further.  Should inflationary risks keep decreasing, the National Bank of Ukraine will start easing its monetary policy in the nearest future”.


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