% on refinancing loans. the interest rate on three - month certificates of deposit will continue to equal the key policy rate. 3 / 4 bis - central bankers'speeches on the one hand, taking into account improved inflation expectations and the inflation forecast, the current and projected decrease in interest rates on nbu operations will maintain the attractiveness of hryvnia savings. on the other hand, the cut in nbu interest rates will support economic recovery on the back of persisting macrofinancial stability. the nbu will continue to cut its key policy rate, provided the fx market remains stable and inflation declines over the forecast horizon. when easing fx restrictions and transitioning to a more flexible exchange rate regime, the nbu will take into account the need to maintain the high attractiveness of hryvnia assets. the nbu's revised macroeconomic forecast envisages further key policy rate cuts. the key policy rate will be cut gradually, and provided the conditions allow it, so as not to undermine the trend towards a steady decline in inflation or fx market stability. that said, the nbu is not compelled to stick to its key policy rate forecast. given high uncertainty, any further decisions and revisions of the nbu's key policy rate forecasts will largely depend on whether or not the forecast's assumptions materialize, as well as on the trends of key macroeconomic and financial indicators. thank you for your attention! 4 / 4 bis - central bankers'speeches

june. moreover, russia's attacks in the south of ukraine will also have an impact on price dynamics. the disinflation trend will continue in the coming years : inflation will decline to 8. 5 % in 2024 and to 6 % in 2025. lower security risks will allow restoring optimal logistical routes and increasing industrial production and crop harvests. this will also enable investment inflows to ukraine. a further decline in global prices will also contribute to the slowdown in inflation. these factors outweigh the pro - inflationary impact of an increase in domestic demand, a rise in wages, and changes in some utility tariffs in the post - war period. the economy has proven to be resilient to new challenges of the war and is to grow by 2. 9 % this year an increase in domestic demand contributed to the further revival of economic activity. on the other hand, the economy has been restrained by constant missile attacks, blocking of the grain corridor, and damage inflicted on infrastructure. trade barriers imposed on ukrainian agricultural products had an adverse effect on business. at the same time, actual results of q1 turned out to be better than envisaged in the previous macroeconomic forecast. economic activity continued to pick up in q2, in both the manufacturing and services sectors. in the coming years, economic growth will accelerate, based on the nbu's forecast assumption about a decline in security risks in mid - 2024. exports will recover more actively after maritime logistics is restored and attacks on infrastructure cease. the gradual return of migrants will spur consumer demand, and investment will pick up during the country's reconstruction. the loose fiscal policy will remain important for stimulating the economy. taking this into consideration, the nbu forecasts real gdp growth at 3. 5 % in 2024 and 6. 8 % in 2025. since the start of the year, ukraine has received almost usd 27 billion from international partners. this was much more than the amount of the nbu's sales of foreign currency to balance the fx market. thanks to regular inflows of external assistance, ukraine's international reserves reached an all - time high of usd 39 billion as of the end of june. thanks to the external support, the government was able to cover the wide budget deficit without resorting to monetary financing. international assistance is expected to reach usd 42 billion as of the end of this year. international support will remain very important for maintaining macrofinancial stability in the coming