The National Bank of Ukraine (NBU) will continue its policy of cutting its refinancing rate, taking into account the current state of the economy, and will hold it at a level that slightly exceeds the inflation level, NBU Governor Valeriya Gontareva said at a briefing on Thursday.

"Our refinancing rate must always be slightly more than our projected inflation. The projected inflation for 2016 is 12%. I think that our task is to move in this direction," she said.

As reported, proposals on the key elements of monetary and credit policy for 2016-2019 approved by NBU decree No. 541 of August 18 foresee an inflation target of 12% in 2016, with the subsequent reduction of 5% every year to 5% in 2019.