Seven out of ten members of the monetary policy committee (MPC) of the National Bank of Ukraine (NBU) supported the maintenance of the refinancing rate at 7.5% on June 16, three more committee members proposed to act more decisively and raise the rate to 8%.

"Seven MPC members called for maintaining the key policy rate at 7.5%. Inflation risks have risen since the NBU's last monetary policy decision, these MPC members agreed. However, the current decision should take into account that supply factors, mainly short-term in nature, significantly accelerated inflation in May," the NBU said.