Meanwhile, emerging economies that still have room for monetary easing are relying on standard tools. For instance, we at the NBU have done a lot to support the economy during the corona crisis and to strengthen its ability to quickly get back on its feet when it’s over.
We have slashed the key policy rate from 11% to 8% in just the past two months and are not ruling out the possibility of further cuts. We have expanded the list of bank liquidity support tools and facilitated access to these tools.