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Ukraine to raise key interest rate to highest in 14 years

Xinhua, February 5, 2015 Adjust font size:

Ukraine's central bank said Thursday it will raise the key interest rate by 5.5 percent to 19.5 percent, marking its highest level since June 2001.

The decision, which will take effect on Friday, was taken due to the aggravation of inflation risks, caused by the conflict in eastern Ukraine, where government troops fight against pro-independence insurgents, a statement on the bank's website said.

The rate increase is intended to support local currency, the hryvnya, which has lost over half of its value against the U.S. dollar since February 2014. Endi