The NBU will continue to pursue a tight monetary policy.

To preserve macro-financial stability, the National Bank will conduct a relatively tight monetary policy for the foreseeable future. This position is supported by the members of the Monetary Policy Committee of the NBU. They believe that the previous forecast of the discount 25% rate until mid-2024 is generally justified in the current “war of attrition” conditions. Moderately tight monetary conditions are likely to be important both during active hostilities and at the initial stage of post-war recovery to ensure a sustained slowdown in inflation and a suitable foundation for further lowering of loan interest rates and faster economic recovery, the NBU explained.