Ukraine c.bank: economy could contract by at least one-third this year

Ukraine's central bank said on Thursday that the economy could contract by at least one-third in 2022 and inflation could exceed 20%, reflecting the impact of Russia's invasion. In a statement, the central bank said it would postpone a decision on its key interest rate for the second time since the war started on Feb. 24.

It added that maintaining a fixed exchange rate remained important for now but that it would return to a floating rate as soon as the currency market could balance itself.