National Bank keeps key policy rate at 15%
NBU Governor Andriy Pyshnyy announced this at a briefing, as reported by Ukrinform.
“The NBU Board has decided to keep the key policy rate at 15%. The NBU is postponing further monetary easing in view of risks of increased inflationary pressure and worsening inflation expectations,” Pyshnyy said.
According to him, this decision will support the attractiveness of hryvnia instruments, the sustainability of the foreign exchange market, and the controllability of expectations in order to ensure moderate inflation this year and bring it closer to the 5% target.
“Keeping the rate at 15% will sustain interest in hryvnia assets and help maintain currency market stability and control inflationary processes amid rising economic and geopolitical uncertainty. At the same time, it will not pose risks to the continued expansion of lending, which is growing at an annual pace of over 30%,” Pyshnyy added.
He noted that if risks to price dynamics persist, the NBU will refrain from further easing, and if they intensify, the bank is prepared to raise the rate and take additional measures.
As reported, the NBU raised the key policy rate to 10% in January 2022, then increased it to 25% in June 2022, where it remained for more than a year. On July 27, 2023, the rate was cut to 22% and subsequently reduced in stages. Since January 2026, it has stood at 15%.
