Minutes from Ukraine’s MPC July meeting suggest that most Ukrainian central bank officials anticipate further reductions in borrowing costs within the year. Seven of the eleven board members predict a decline in the rate from the prevailing 22% to a range of 18-19% by year-end. This optimistic stance follows a faster-than-expected deceleration in inflation, a stable hryvnia, and positive sentiments from domestic businesses, despite the ongoing war’s severe economic ramifications.