Ukraine Raises Cost of Deposit Certificates, Kommersant Reports

Ukraine’s central bank raised the cost of deposit certificates to remove excessive liquidity from the market, Kommersant-Ukraine reported, citing a central bank document it obtained a copy of.

The annual interest for two-week certificates was raised to 3.3 percent from 2.5 percent and 29-day certificates to 4 percent from 3 percent, the newspaper said.

The cost of 43-day certificates increased to 5 percent from 3.5 percent and the cost of 89-day certificates to 6.8 percent from 5 percent, the newspaper said.

The move is aimed at keeping the monetary mass within the limits set by the International Monetary Fund, Kommersant said.

Source: Bloomberg