Central bank of Ukraine raises interest rates to 25%

• Ukraine’s central bank increased interest rates by more than doubling them.
• Double-digit inflation and defending the country’s currency.

On Thursday, Ukraine’s central bank increased interest rates by more than doubling them, from 10% to 25%, marking the first hike since Russia invaded the nation on February 24.

Read more: Inflation and the Ukraine war have slowed India’s economic growth to a one-year low.

Kyrylo Shevchenko, the governor of Ukraine’s central bank, made the step in an attempt to curb double-digit inflation and defend the country’s currency.

Read more: Russian central bank slashes rate to rein in ruble