NBU keeps prime rate unchanged at 13.0% amid faster inflation and FX volatility

UKRAINE - In Brief 27 Jul 2024 by Dmytro Boyarchuk
Predictably, the NBU Board left the prime rate unchanged at 13.0% after the July 25th meeting. The accelerating inflation (+2.2% m/m and +4.8% y/y in June), substantial volatility in the FX market (with the hryvnia breaking the 42 per US dollar mark), and stagnant growth of hryvnia deposits made the NBU naturally cautious about further easing moves. Now, the NBU states that the baseline scenario anticipates a possible new step in cutting the prime rate only in early 2025, but everything could change depending on inflation and FX risks.

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