The National Bank of Ukraine (NBU) has decided to leave the refinancing rate unchanged at the level of 22% per annum, according to a press release issued by the central bank.

The decision is stipulated in regulator resolution No. 750 on the regulation of the monetary credit market, dated October 29, 2015.

According to the press release, the NBU board took the existing short-term inflation risks into account when making its decision.

Consumer inflation in September accelerated to 2.3% per month, which is due to the delayed effect of devaluation on the prices of seasonal items and a further increase in administratively regulated tariffs.

Relatively high inflation rates are expected in October.

"The NBU decision to retain the refinancing rate is aimed at preserving the trend towards the reduction of inflation expectations," the central bank said.

According to the report, the fundamental factors contributing to the disinflation trend in the economy remain relevant. They include weak domestic demand, low prices in the world commodity markets, the balance of the current account and a balanced fiscal policy. Due to this, the NBU has retained the inflation forecast for the end of 2016 at 12%, reads the report.