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The Guardian - UK
The Guardian - UK
World
Guardian staff and agency

Ukraine more than doubles interest rates as it fights economic crisis

Ukraine Interest Rates Kyrylo Shevchenko Inflation STEM
Ukraine's central bank governor Kyrylo Shevchenko
Ukraine's central bank governor Kyrylo Shevchenko calls for talks with the IMF after raising interest rate from 10% to 25%. Photograph: Valentyn Ogirenko/Reuters

Ukraine more than doubled interest rates to 25% on Thursday in a move to try to stem double-digit inflation and protect its currency, which has collapsed since Russia’s invasion.

In the first interest rates intervention since Vladimir Putin’s troops attacked on 24 February, the Ukrainian central bank’s governor, Kyrylo Shevchenko, increased the benchmark interest rate from 10% to 25%.

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