The key monetary policy rate was lowered by 50 bps to 14.5%. This surprised the market since the latest macro forecast from the regulator indicated an unchanged rate until July. NBU stated that weakening inflation reached 4.3% YoY in February, FX market stabilized and inflows of foreign financial aid improved.
The interest rate on the 3-month certificates of deposits (CDs) and the rate on refinancing loans were lowered by 150bps to 17.5%. NBU will amend the rules that determine the amount of liquidity banks can invest in 3-month CDs to stimulate longer maturities of retail deposits.
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