Ukraine’s central bank unexpectedly lowered its key interest rate from 15% to 14.5%, surprising analysts who anticipated unchanged rates. The adjustment included narrowing the interest rate corridor and lowering the rate on three-month CDs to +17.5%. This move, deviating from the bank’s earlier communication suggesting rate cuts in H2 2024, aligns with the significant disinflation process, evidenced by February’s CPI at +4.3% YoY, below the bank’s +5% target.