The NBU cuts rate by 100 bps down to 15.5%

UKRAINE - In Brief 24 Oct 2019 by Dmytro Boyarchuk
The NBU Board approved policy rate cut by 100 basic points down to 15.5%. Disinflation trend, strong hryvniaas well as encouraging news around Privatbank issue are behind this decision. Initially, the NBU Head Yakiv Smoliy has been defending gradual policy rate cut by 50 bps on every step. But growing pressure for faster easing, apparently, pushed monetary authorities for stronger rate cut this time. Next meeting of the Board will be on December 11th and very likely one more rate cut will take place this year. Yesterdays statement of the President Office on Privat means a new IMF memorandum is on its way. If the Fund does bless new authorities with new program there will be no reason to keep prime rate that high.

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