The National Bank of Ukraine has announced a temporary raise in interest rates for the next three months from 19.5% to 30% to get additional money supply and stop consumer inflation, Ukraine Today reports.
The move is in line with the requirements of the International Monetary Fund for Ukraine to receive a $17.5 billion loan.
Ukrainian central bank governor Valeria Gontareva has been facing the challenge of regaining control over an economy crippled by Russia’s intervention in the Donbas and the collapse of the hryvnia. The country’s potential bankruptcy is also the result of decades of mismanagement and corruption.
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