The National Bank of Ukraine has decided to raise its refinancing rate to 19.5% per annum starting February 6 from 14%, Governor of the National Bank of Ukraine Valeriya Gontareva said at a press conference in Kyiv on Thursday.

"In order to ensure the forecast and controlled development of the situation on the market, the National Bank will employ a tighter monetary policy. In particular, it has been decided to raise the refinancing rate on February 6 to 19.5%," according to a release given to journalists before the press conference.

The National Bank raised its key refinancing rate on November 13 to 14% from 12.5%. The discount rate had sat at 12.5% since July 17, 2014.

The last time the National Bank's refinancing rate was higher was in 2001. It was set at 21% on April 7, 2001, and then lowered to 19% on June 11, 17% on August 9, 15% on September 10 and 12.5% on December 10.