The above said decision, coupled with other contingency measures taken by the National Bank of Ukraine would help curb inflation as early as in the first half of 2015.
The decision to boost domestic value of the hryvnia will have little impact on business activity in the real economic sector, as bank lending activity remains considerably subdued amid heightened risks in the business environment.
In view of the above, pursuant to Articles 6 and 25 of the Law of Ukraine On the National Bank of Ukraine, Regulation on the NBU Interest Rate Policy approved by NBU Board Resolution No. 389 dated August 18, 2004 (as amended), on February 4, 2015, the Board of the National Bank of Ukraine passed Resolution No. 81 On the Money Market Regulation, which, inter alia, envisages that the discount rate should be set at 19.5%, effective from February 6, 2015.
For reference
Pursuant to item 1 of NBU Board Resolution N. 719, dated November 12, 2014, "On the Money Market Adjustment", the discount rate was set at 14.0% per annum, effective from November 13, 2014.