By Ben Aris in Berlin The National Bank of Ukraine (NBU) cut rates for the fourth time this year on December 14 by 100bp to 15% thanks to falling inflation which was 5.1% in November, as confirmed by Andriy Pishnyi, the Head of the NBU. (chart) Pishnyi highlighted that the decision aligns with the observed moderation in inflation and the positive shift in inflationary expectations and is aimed at preserving the attractiveness of hryvnia instruments for savings. Despite the war and the heavy spending on defence which now accounts for 20% of GDP, inflation has been falling steadily all year allo…