Europe has recently adopted what may appear as somewhat restrictive legislation in this regard. In particular, equity and investment funds from outside Europe are only authorised to operate to the extent that the law of the country of origin is comparable with European law. This has caused concern across the Atlantic about the risk of protectionism.
In order to bring inflation back to the steady decline trajectory and to maintain exchange rate and macro financial stability amid high uncertainty, the NBU Board decided to keep the key policy rate at 25%. At the same time, the NBU has raised reserve requirements for banks, as it said it would do in December.