The National Bank of Ukraine raised its key policy rate by 50bps to 16% on its September 2026 decision, following up on the 50bps hike in its previous meeting, which was the first hike in 18 months. The Board of the central bank noted that underlying inflationary pressures continued to increase due to second-round effects from supply shocks on global energy markets. Inflation in Ukraine rose to 8.1% in August, slightly ahead of expectations by the central bank, as the escalation in the war in the Middle East triggered a sharper than expected jump in fuel inflation. In turn, the labor market remained relatively stable in the period, with robust employment and higher wage growth. The developments warranted more restrictive interest rates, which will also support the hryvnia and prevent capital outflows from residents and domestic companies. source: National Bank of Ukraine

The benchmark interest rate in Ukraine was last recorded at 16 percent. Interest Rate in Ukraine averaged 33.66 percent from 1992 until 2026, reaching an all time high of 300.00 percent in October of 1994 and a record low of 6.00 percent in June of 2020. This page provides the latest reported value for - Ukraine Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Ukraine Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2026.

The benchmark interest rate in Ukraine was last recorded at 16 percent. Interest Rate in Ukraine is expected to be 16.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Ukraine Interest Rate is projected to trend around 14.75 percent in 2027 and 14.00 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-18 11:00 AM Interest Rate Decision 15% 15% 15.0%
2026-07-30 11:00 AM Interest Rate Decision 15.5% 15% 15.0%
2026-09-17 11:00 AM Interest Rate Decision 16% 15.5% 15.5%
2026-10-29 11:00 AM Interest Rate Decision 16% 16.0%
2026-12-17 11:00 AM Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 4389436.00 4387361.00 UAH Million Aug 2026
Central Bank Balance Sheet 3178674.00 3496954.00 UAH Million Aug 2026
Foreign Exchange Reserves 48700.00 51200.00 USD Million Aug 2026
Interest Rate 16.00 15.50 percent Sep 2026
Loans to Private Sector 825679.75 797510.72 UAH Million Aug 2026
Money Supply M0 925155.00 921808.00 UAH Million Aug 2026
Money Supply M1 2589095.00 2592857.00 UAH Million Aug 2026
Money Supply M2 4177657.00 4171146.00 UAH Million Aug 2026
Money Supply M3 4177750.00 4171179.00 UAH Million Aug 2026


Ukraine Interest Rate
In Ukraine, interest rate decisions are taken by the National Bank of Ukraine. The official interest rate is the discount rate.
Actual Previous Highest Lowest Dates Unit Frequency
16.00 15.50 300.00 6.00 1992 - 2026 percent Daily

News Stream
Ukraine Delivers Back-to-Back Rate Hikes
The National Bank of Ukraine raised its key policy rate by 50bps to 16% on its September 2026 decision, following up on the 50bps hike in its previous meeting, which was the first hike in 18 months. The Board of the central bank noted that underlying inflationary pressures continued to increase due to second-round effects from supply shocks on global energy markets. Inflation in Ukraine rose to 8.1% in August, slightly ahead of expectations by the central bank, as the escalation in the war in the Middle East triggered a sharper than expected jump in fuel inflation. In turn, the labor market remained relatively stable in the period, with robust employment and higher wage growth. The developments warranted more restrictive interest rates, which will also support the hryvnia and prevent capital outflows from residents and domestic companies.
2026-09-17
Ukraine Raises Interest Rate by 50bps
The National Bank of Ukraine raised its benchmark policy rate by 50bps to 15.5% in it July 2026 decision, its first rate hike in 16 months. The Board of the central bank stated that underlying inflationary pressures have risen in recent months and are likely to lift the headline inflation rate until the end of the year, warranting higher borrowing costs. The Board also noted that higher rates will increase the attractiveness of hryvnia-denominated assets and prevent higher levels of capital flight from households and businesses domestically. The NBU estimated that inflation could rise to the 10% level by the end of the year from the current 7.2% reading in June, before easing by next year. Meanwhile, expanded fiscal stimulus is expected to support economic growth, although inflationary responses are unlikely due to the impact of the Russian military attacks on aggregate demand.
2026-07-30
Ukraine Holds Policy Rate at 15%
The National Bank of Ukraine maintained its benchmark policy rate at 15% in its June 2026 meeting, a third consecutive hold since the 50bps rate cut at the start of the year. The central bank noted that the current levels of interest rates ensured a sufficiently tight monetary backdrop for the Ukrainian economy and was high enough to stimulate demand for hryvnia denominated fixed income. Still, the NBU delivered a hawkish outlook by noting it is ready to raise interest rates should it see that higher energy prices from the war in the Middle East are becoming entrenched in core sectors of the price basket. Consumer inflation slowed to 8.2% in May but core inflation rose to 7.9%, both above forecasts from the central bank. The NBU expects inflation to remain steady in the coming months and rise at the end of the year, before dropping in 2027.
2026-06-18