March 3, 2015 / 11:35 AM / 5 years ago

Ukraine's central bank to raise key refinancing rate to 30 pct from 19.5 pct

KIEV, March 3 (Reuters) - Ukraine’s central bank said on Tuesday it will raise its key refinancing rate to 30 percent from 19.5 percent from Wednesday, the head of the central bank Valeriia Gontareva said.

The move is the bank’s second rate hike this year and the key rate now stands at a fifteen year high as the bank battles rocketing inflation and persistent weakness of its hryvnia currency.

“Given the situation that the threat of inflation has risen strongly ... in order to stabilise the situation, the monetary policy committee recommended ... to raise the rate,” Gontareva said in a briefing. She said she hoped the hryvnia would return to a level of 20-22 to the dollar soon.

Reporting by Natalia Zinets; Writing by Alessandra Prentice, Editing by Thomas Grove

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