Ukraine hikes key interest rate to 25% ...News

Russia Today - Economy

The move seeks to tame the double-digit inflation in the country, according to the central bank Ukraine’s central bank more than doubled its benchmark interest rate on Thursday in an attempt to tackle double-digit inflation and defend the nation’s currency, the hryvnia. The rate was raised by a whopping 15 percentage points, bringing it to 25% from 10%, a statement on the regulator’s website says. The emergency measure is meant to “revive interest in hryvnia assets, reduce pressure on international reserves and have a deterrent effect on inflation,” the bank explained. “This is a decisive step from the central ban

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