As expected, on 9 September the National Bank (NBU) raised the interest rate to 8.5%. The move is aimed at combating soaring inflation and reassuring International donors of the central bank’s independence. Consumer-price growth has exceeded 10% for the first time since 2018, reinforcing expectations of another increase in borrowing costs. At 10.2%, the inflation rate in Ukraine trails only Turkey in the region. The decision comes as IMF officials prepare to review Ukraine’s efforts toward unlocking a $5 billion loan that’s been frozen for months and is set to expire at year-end