Ukraine’s central bank doubles interest rate to 25 percent for any European country.
Written by News Room on June 3, 2022
Ukraine’s central bank has more than doubled its interest rate to 25 percent to the highest level for any European country.
The move is intended to slow increasing inflation and prevent a further collapse of its currency following Russia’s invasion in February.
The World Bank predicted that Ukraine’s economy could fall by as much as 45 percent this year.
Report says that the rate of inflation – or the cost of living – has risen to 17 percent in Ukraine and it could reach 20 percent this year.
Kevin Madu
