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Financial News: Ukraine CB Rate Cut Bigger Than Expected

Ukraine CB Rate Cut Bigger Than Expected

10/24/2019 - 07:45:00 (RTTNews)

(RTTNews) - Ukraine's central bank on Thursday announced its third interest rate cut in a row, which was bigger than expected, citing slowing inflation. The Board decided to cut its key policy rate to 15.5 percent from 16.5 percent, the National Bank of Ukraine said in a statement. Economists had expected a reduction to 16 percent.

The cycle of monetary policy easing is continued as inflation is firmly declining towards the target of 5 percent, the bank said. "A more rapid decline in underlying inflationary pressures than anticipated, coupled with no change in the balance of risks, have made it possible to ease monetary policy somewhat more quickly this year than envisaged in the previous macroeconomic forecast," the bank said.

In September, inflation declined to 7.5 percent and the bank expects the figure to fall to 6.3 percent by the end of the year. Price growth is forecast to reach 5 percent at the end of 2020.

The central bank raised its growth forecast for this year and next to 3.5 percent and 4 percent, respectively.

The NBU expects to cut the rate further to 8 percent towards the end of 2021, if inflation eases to meet its target.

"The largest decrease in the key policy rate is expected to take place in 2020," the bank reiterated.

The next policy session is scheduled to take place on December 11.

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