Citing slowing inflation, the central bank cut its key interest rate for the third time this year.

Citing slowing inflation, the central bank cut its key interest rate for the third time this year. Effective today, the rate is 16.5%, down from 17%. Ukraine started the year with the rate at 18%. Cuts were made on April 26 and on July 19. One or two more cuts are expected before the end of this year. “The National Bank continues the cycle of easing monetary policy, as it expects inflation to slow to the target of 5%,” the central bank said Thursday. The bank has promised to reduce the interest rate to 9% by the end of the next year 2020.