Page 50 - UKRRptSept23

she said.
As the ruble came under intense selling pressure, the central bank announced in August that it would refrain from foreign-currency purchases for the rest of this year and then delivered a steep hike in interest rates at an emergency meeting.
But declines have resumed since then. The currency is among the worst performers in emerging markets in 2023, after suffering from a deterioration in foreign trade amid a raft of international sanctions over the Kremlin’s war in Ukraine.
The Bank of Russia, which is next scheduled to review policy in two weeks, is “unlikely” to lower rates during its coming meetings, Nabiullina said. “An increase in the rate, as well as a hold, are possible,” she said.
8.0 Financial & capital markets 8.1 Bank sector overview
Ukraine has fulfilled another IMF beacon: the new Financial Sector Development Strategy. This blueprint for developing the financial sector during the war envisages inflation at a level of less than 15% and possible deviations of the hryvnia to dollar cash rate from the official rate below 5%. These are the short-term indicators for implementing the strategy that were published on August 29.
Indicators also include:
50 UKRAINE Country Report September 2023 www.intellinews.com