The analytical company TBC-Capital believes that the refinancing rate will reduce no earlier than at the end of 2021 as before that period the National Bank will not be able to bring inflation to the target levels.

“Moreover, we doesn’t mean a decrease, but an increase in this indicator, which is the baseline scenario. Given t high risks of further devaluation of the national currency and projected high inflation rate, the refinancing rate is more expected to increase, ”the study reads.