KYIV, Nov 2 – JPMorgan analysts expect the National Bank's to raise its key interest rate to 9% in the first quarter of next year from current 8.5% per annum, according to the October EMEA Emerging Markets Research.

“We still expect that in 2022, higher inflation will force the NBU to raise rather than lower the refinancing rate. At the same time, the next step towards raising the NBU will take in the first quarter of 2022,” JPMorgan analysts said.