Determined to cut inflation in half — to 5% –by the end of 2020, the central bank maintained Thursday its benchmark interest rate at 18%.

Determined to cut inflation in half — to 5% –by the end of 2020, the central bank maintained Thursday its benchmark interest rate at 18%. “Tight monetary conditions will be the main factor behind the deceleration of inflation,” the National Bank of Ukraine said to explain its decision to keep the rate, the highest in eastern Europe. Timothy Ash writes: “The risks into elections are that demand for foreign exchange picks up, so it makes sense for the NBU to hold monetary policy steady – even hike again if the UAH comes under pressure.”