Ukraine’s central bank minutes showed that a majority of policymakers (7 out of 11) support reducing the key interest rate to 13% by the end of the year, down slightly from the current 13.5%. This cautious approach is due to planned foreign exchange liberalization, anticipated acceleration in inflation, energy sector risks, and high budget expenditures. In contrast, four members advocate for more substantial cuts, suggesting rates could drop to between 11.5% and 12%.