Prime rate up by 1.5 ppt to 16.0%

UKRAINE - In Brief 25 Jan 2018 by Dmytro Boyarchuk
The Central bank increased prime rate by 1.5 ppt up to 16.0% from Jan 26. It was totally unexpected for the market: consensus was that prime rate will be unchanged. Such sharp increase in prime rate might mean that the Central bank sees inflation speeding up. Provisional estimates of January CPI are already available for internal use of state bodies (not for public). And the decision on prime rate means that CPI results are really disappointing. The Central bank also revised its CPI forecast up to 8.9% ytd for 2018 (our estimate 8.2% ytd) from 6.0% ytd estimated previously. At the press-release the Central bank mentioned that further tightening is possible if inflation tendency does not curb.

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