The Central bank cuts policy rate by 1 ppt down to 13%

UKRAINE - In Brief 13 Apr 2017 by Dmytro Boyarchuk
Today the Board of Directors of the Central bank cut policy rate by 1ppt down to 13%. This decision was quite surprising after Valeria Hontareva, the Head of the Central bank announced her resignation from May 10th. We expected the Board of Directors to take a pause till the day new Head of the Central bank is appointed. The recent acceleration of inflation (up to 1.8% m/m (+15.1% y/y) vs. 1.0% m/m (14.2% y/y) in February) also promised a ‘keep unchanged’ decision. Still the policy rate was cut and we should treat this decision as a signal that the Central bank feels confident on inflation slowdown and does not see any risks for hryvnia stability ahead. Next meeting of the Board of Directors is scheduled for May 25th.

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