Seven out of 10 members of the Monetary Policy Committee (MPC) of the National Bank of Ukraine (NBU) have advocated cutting the key policy rate to 10%, according to the results of a meeting of the NBU held on March 11.

However, MPC members noted that in case of increasing risks for financial or price stability, the National Bank may move to a tougher monetary policy, the NBU said in the minutes of the meeting posted on the website of the central bank on Monday.

According to the document, one MPC member offered to lower the refinancing rate by 1.5 percentage points, and two more – to keep it at 11%.