Ukraine’s central bank has raised its benchmark lending rate from 10 per cent to 25 per cent, its first increase since Russia launched its full-scale invasion of the country in late February.
The National Bank of Ukraine described Thursday’s move as a “resolute step” to tackle inflation, which shot up to 17 per cent in May and is on course to hit more than double last year’s average of 10 per cent.
It said the rise would protect household income and savings in the hryvnia, Ukraine’s currency, and stop Ukraine burning through its foreign reserves need to protect its exchange rate.
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