The National Bank of Ukraine (NBU) monetary committee will consider an increase of the refinancing rate at its meeting scheduled for late January 2015, First Deputy NBU Governor Oleksandr Pysaruk has said.

"We have meetings of the monetary committee once a month – this will be [discussed at the next meeting]," he told reporters on Tuesday.

The NBU increased the refinancing rate to 14% from 12.5% on November 13, 2014.

Pysaruk also said that it could take more time to transfer to inflation targeting in Ukraine than was planned.

"Enough number of preconditions should be formed for introducing inflation targeting," he said.

As reported, the International Monetary Fund (IMF) Stand-By Arrangement (SBA) for Ukraine, approved in April of last year, envisaged a switch to inflation targeting within 12 months, with targeted inflation of 3-5% a year. However, the process has been delayed, particularly due to hostilities in the country.

Pysaruk said that the macroeconomic forecast and modeling system should be improved for the realization of inflation targeting.

He said that the NBU's macroeconomic forecasts, and the government's forecasts, are being discussed with the IMF.

The official said that under present conditions the introduction of a moratorium on the early withdrawal of deposits would be inefficient: the average term of deposits is smaller than in 2004, when the restriction was previously applied.