Ukraine is considering moving away from the U.S. dollar and closer to the euro as a benchmark for the hryvnia, National Bank Governor Andrii Pyshnyi told Reuters.
The Atesh partisan group claims it disabled communication at several Russian military facilities when it allegedly destroyed equipment at a transformer substation in the village of Mogiltsy in Russia's Moscow Oblast.
"The Russians are asking for a certain set of requirements, a certain set of concessions in order to end the conflict. We think they’re asking for too much," U.S. Vice President JD Vance said on May 7, according to Politico.
EU ambassadors began talks this week on a 17th sanctions package that targets Russia’s military-industrial complex, Moscow’s shadow shipping fleet, and related support networks.
German Chancellor Friedrich Merz said the trip is currently being coordinated and emphasized that the European Union must do “everything possible” to help secure a lasting cessation of hostilities beyond the upcoming weekend.
Russia launched 187 drones overnight, including Iranian-designed Shahed-type drones and five Iskander-M ballistic missiles, according to Ukraine's Air Force.
The strikes, according to the SBU, triggered heightened alert measures across the Moscow Oblast, forcing Russian authorities to enact “Plan Cover,” a security protocol that includes grounding civilian air traffic.
The building of the National Bank of Ukraine (NBU) on April 10, 2022. (Natalia Synenko/ Getty Images)
The National Bank of Ukraine (NBU) has kept interest rates on hold at 13%, it announced on Oct. 31.
The decision was in line with analysts’ predictions, and comes as Ukraine braces for next week’s U.S. presidential election, Bloomberg reported.
“Given that inflation has not yet peaked, and that pro-inflationary risks have even increased for the coming months, the NBU believes it appropriate to remain cautious,” the NBU said in a statement.
Policymakers refrained from cutting for the third consecutive month, part of an attempt to contain accelerating annual inflation, and uphold the stability of the domestic currency.
“In September, inflation accelerated to 8.6% year-on-year, and continued to rise in October,” the NBU said in its statement.
Higher than expected inflation was caused by a smaller than expected harvest, a weakening currency, and the rising cost of electricity and labor, the statement said.
“The war continues. Accordingly, the risks of a further decline in economic potential remain, in particular due to the loss of people, territories, and production facilities," it added.
“The speed of the economy's return to normal will depend on the nature and duration of the war.”
Ukraine's economy is heavily reliant on U.S. aid, and the next week's presidential election and the possibility of Donald Trump's return to the White House raises much uncertainty.
The NBU said it envisages maintaining rates at 13% until the summer of 2025.
The next monetary policy meeting of the NBU Board will be held on 12 December 2024.
Boldizsar is a former Reuters correspondent for Hungary, currently based in Kharkiv, reporting for the Kyiv Independent and various other outlets. He holds degrees in political science, philosophy, and development policy.
Dominic Culverwell
