By raising rates yesterday

By raising rates yesterday, the Finance Ministry managed to nearly match the volume of government hryvnia bonds sold at auction, compared to the week before. At this week’s auction, investors bought 5.7 billion hryvnia, compared to 6 billion hryvnia last week, the Ministry posted on Facebook. For 3-month bonds, the cutoff rate was raised 100 basis points, to 7.3%. For 1-year bonds, the rate was raised 300 basis points, to 10.3%. In an auction of 1-year dollar denominated bonds, the government sold $53 million at 3.5% the same yield as at the last auction, one month ago. Tomorrow, the National Bank of Ukraine Board is to conduct its regular review of the prime rate, currently 6%.