KYIV, July 7 – Analysts of JP Morgan revised their forecast for the reduction in the NBU refinancing rate in the third quarter of 2020 to 5% due to the resignation of the governor of the National Bank of Ukraine (NBU), Yakiv Smolii, the investment bank reported.

"These events [Smolii's resignation due to pressure] introduce risks into our forecast of a further decrease in the rate by 100 b.p. this quarter to 5.0% (in particular, we now expect that rates will remain unchanged based on the results of the July meeting of the NBU board) and in a broader sense increase the uncertainty of the policy and call into question the priorities of the policy of the president and his team," the forecast says.