KIEV, June 7 - The National Bank of Ukraine on Wednesday cut key interest rates for the first time in 3.5 years seeking to boost the economy that has been already showing signs of acceleration.

The action cuts the discount rate, the rate at which the central bank lends money to commercial banks, by 100 basis points to 8.5% from 9.5%. The new rate will be in effect from June 10, the NBU said.