Ukraine policy interest rate
The National Bank of Ukraine's key policy rate (облікова ставка) — the NBU's principal monetary policy instrument and the benchmark for its operations with banks. Set by the Board (Правління) of the National Bank at scheduled monetary policy meetings (eight per year) following discussion in the Monetary Policy Committee (Комітет з монетарної політики); decisions are announced at 14:00 Kyiv time on the meeting day and normally take effect the following day.
| Current value | 15 percent |
|---|---|
| In force from | 2026-01-30 |
| Official source | NBU — "NBU Cuts Key Policy Rate to 15%" / "Національний банк України знизив облікову ставку до 15%", Board decision of 29 January 2026: "The key policy rate cut from 15.5% to 15% effective 30 January 2026"; corroborated by the NBU's official key-policy-rate table (Облікова ставка Національного банку / NBU Key Policy Rate), row "2026 — from 30.01 — 15,0" |
| Last verified | 2026-07-24 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
DIRECTION CHECK: the last move was a CUT, not a hike. On 29 Jan 2026 the Board opened an easing cycle and lowered the rate 50bp from 15.5% to 15.0% effective 30 Jan 2026, citing steady disinflation (Dec 2025 headline and core both 8.0% y/y) and reduced external-financing risk. The rate has been held at 15.0% at all three subsequent meetings — March 2026, 30 April 2026 and 18 June 2026. The 18 June 2026 decision (the latest at confirmation) says the current stance is sufficiently tight given lively demand for hryvnia savings instruments and easing Middle East risks, but that the NBU 'is ready to RAISE the key policy rate if necessary' given signs of stronger underlying price pressure — i.e. the bias has turned two-sided, not clearly downward. Next Board meeting on monetary policy: 30 July 2026 (published schedule), to be based on the July macroeconomic forecast; MPC discussion summaries are published ~11 days after each decision. Inflation target 5%; the NBU's January 2026 forecast sees inflation at 7.5% end-2026, 6% end-2027 and the 5% target reached in 2028. Rate path since the 2022 invasion: 10.0% → 25.0% (2 Jun 2022, emergency hike) → cut to 13.0% by 26 Jul 2024 → hiked to 13.5% (13 Dec 2024), 14.5% (24 Jan 2025), 15.5% (7 Mar 2025), held through 2025 → 15.0% (30 Jan 2026). ACCESS PROBLEM: bank.gov.ua is behind a Cloudflare block that returns 403 / 'Sorry, you have been blocked' to this location for plain HTTP clients, headless browsers AND the NBU open-data API (bank.gov.ua/NBUStatService/...). All NBU figures above were read from Internet Archive snapshots of the official NBU pages (snapshot of the decision page: https://web.archive.org/web/20260213142924/https://bank.gov.ua/en/news/all/natsionalniy-bank-ukrayini-zniziv-oblikovu-stavku-do-15-22295 ; snapshot of the rate table: https://web.archive.org/web/20260213142924/https://bank.gov.ua/en/monetary/archive-rish ; snapshot of the 18 Jun 2026 hold: https://web.archive.org/web/20260618112327/https://bank.gov.ua/ua/news/all/natsionalniy-bank-ukrayini-zberig-oblikovu-stavku-na-rivni-15-23095 ). Do not point an automated watcher directly at bank.gov.ua from this network.
Earlier values
| From | Value | Source |
|---|---|---|
| 2024-12-13 | 13.5 | NBU — "NBU Raises Key Policy Rate to 13.5%", Board decision |
| 2025-01-24 | 14.5 | NBU — "NBU Raises Key Policy Rate to 14.5%", Board decision |
| 2025-03-07 | 15.5 | NBU — "NBU Raises Key Policy Rate to 15.5%", Board decision |
Get it programmatically
curl https://euroref.dev/v1/ua/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://euroref.dev/v1/ua/policy-rate/history?from=2020-01-01
# Provenance: curl https://euroref.dev/provenance/ua/policy-rateOther Ukraine series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates