Ukraine raises rates

“Ukraine’s central bank unexpectedly raised its benchmark interest rate for the first time in eight months in an attempt to support the weakening currency and curb inflation as the country’s political crisis deepened. Kiev’s central bank raised the benchmark discount rate from 6.5% to 9.5% and the overnight loan rate from 7.5% to 14.5% on Monday night.

The central bank said in a statement that it “considers it necessary to take the step to increase the value of the national currency, to restrain inflation and to stabilise the situation on the money market.”