* * *  Dear colleagues, Please be informed that the Board of the National Bank of Ukraine has decided to cut the key policy rate to 11% per annum effective 31 January 2020. The NBU will continue to ease its monetary policy with the aim of maintaining inflation at the target level of 5% and supporting steady economic growth.
4 In favour of the latter view, if China and India maintain, on average, their recent rates of “catch-up” to the productivity and living standards of the high-income countries, and if they follow roughly the same pattern of steel intensity of production as seen in the past in other economies, a strong pace of increase in demand for resources will likely persist for some time yet.