The National Bank of Ukraine (NBU) lowered the key policy rate by 100bp to 13.5% on April 25 and improved its inflation forecast as price pressure ease. (chart) With the discount rate decrease, the rates on overnight deposit certificates and three-month deposit certificates are also reduced – to 13.5% and 16.5%, respectively. Ukraine’s prime rate is now significantly lower than that of Russia’s 16%, which is still grappling with high inflation of 7.7% and shows no sign of falling anytime soon. However, the Central Bank of Russia (CBR) predicted in its April macroeconomic survey that inflation …