The National Bank of Ukraine kept its key policy rate unchanged at 8.5% on October 21st, 2021, in line with market expectations as inflation ranged between 10% and 11% in the past several months, close to the forecast the NBU made in July. The central bank expects inflation to be 9.6% in 2021, with peak reaching mostly in September-October, and gradually easing owing to waning of low base effects, favorable FX markets, larger harvests and higher interest rates implemented earlier, to converge to the 5% target in 2022. Meanwhile, the NBU has revised downward its economic growth forecast to 3.1% from 3.8% this year, and to 3.8% from 4% in 2022. As set forth in the baseline scenario, the NBU will keep its key policy rate no lower than 8.5% at least until Q3 2022 rather than until Q2, as was expected in July. Yet, the central bank stands ready to raise its key policy rate and deploy other monetary tools, even so during the December meeting if pro-inflationary risks materialize. source: National Bank of Ukraine

Interest Rate in Ukraine averaged 36.42 percent from 1992 until 2021, reaching an all time high of 300 percent in October of 1994 and a record low of 6 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 2021.

Interest Rate in Ukraine is expected to be 8.50 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 7.50 percent in 2022, according to our econometric models.

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Ukraine Interest Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-07-22 11:00 AM 8% 7.5% 7.5% 7.5%
2021-09-09 11:00 AM 8.5% 8% 8.5% 8.5%
2021-10-21 11:00 AM 8.5% 8.5% 8.5% 8.5%
2021-12-06 12:00 PM 8.5% 8.5%


News Stream
Ukraine Holds Interest Rate Steady at 8.5%
The National Bank of Ukraine kept its key policy rate unchanged at 8.5% on October 21st, 2021, in line with market expectations as inflation ranged between 10% and 11% in the past several months, close to the forecast the NBU made in July. The central bank expects inflation to be 9.6% in 2021, with peak reaching mostly in September-October, and gradually easing owing to waning of low base effects, favorable FX markets, larger harvests and higher interest rates implemented earlier, to converge to the 5% target in 2022. Meanwhile, the NBU has revised downward its economic growth forecast to 3.1% from 3.8% this year, and to 3.8% from 4% in 2022. As set forth in the baseline scenario, the NBU will keep its key policy rate no lower than 8.5% at least until Q3 2022 rather than until Q2, as was expected in July. Yet, the central bank stands ready to raise its key policy rate and deploy other monetary tools, even so during the December meeting if pro-inflationary risks materialize.
2021-10-21
Ukraine Raises Key Interest for 4th Time in 2021
The National Bank of Ukraine raised its key policy rate by 50bps to 8.5% on September 9th, 2021, in line with market expectations and said it will stop applying its anti-crisis monetary measures at the start of Q4. The rise in borrowing costs follow a similar 50bps rate hike in the previous meeting, aiming to bring inflation back to 5% in 2022 . The central bank expects inflation to remain above 10 percent during the next three months, easing to below this level at the end of the year and gradually converge to the 5% target in 2022. In August 2021, consumer prices surged 10.2% yoy. Meanwhile, policymakers consider that major risks to the economy are the potential imposition of much tighter quarantine measures in Ukraine and globally, and a longer and stronger-than-expected surge in global inflation. The central bank remains ready to take any additional measure to return inflation to its target.
2021-09-09
Ukraine Unexpectedly Hikes Key Interest Rate to 8%
The National Bank of Ukraine raised its key policy rate by 50bps to 8 percent on July 22nd 2021, surprising markets that expected no changes. Policymakers said that given the significant increase in underlying inflationary pressures, this step is necessary to return inflation to 5% in 2022 and keep inflation expectations in check. As anticipated, inflation in H1 2021 breached its 5% ± 1 pp target range, but the deviation, driven by both short-lived and fundamental factors, was more significant than expected. The NBU has left its 2021–2023 real GDP growth forecast unchanged at about 4% a year. The NBU’s forecast envisages that the key policy rate will be raised further, to 8.5%, and maintained at that level until Q2 2022, with a view to bringing inflation back to its 5% target in 2022, and keeping inflation expectations in check.
2021-07-22

Ukraine Last Unit Reference Previous Highest Lowest
Interest Rate 8.50 percent Oct/21 8.50 300.00 6.00
Interbank Rate 9.75 percent Oct/21 9.75 32.16 3.59
Money Supply M0 543884.00 UAH Million Sep/21 544323.00 548620.00 2600.00
Money Supply M1 1107513.00 UAH Million Aug/21 1123453.00 1127396.00 4400.00
Money Supply M2 1899025.00 UAH Million Aug/21 1921437.00 1921437.00 6514.00
Money Supply M3 1927732.00 UAH Million Sep/21 1903473.00 1927732.00 6594.00
Foreign Exchange Reserves 28705.00 USD Million Sep/21 31614.07 38351.69 4629.00
Banks Balance Sheet 2277927.00 UAH Million Jul/21 2270760.00 2277927.00 374153.94
Loans to Private Sector 694992.15 UAH Million Aug/21 674512.06 935460.41 99820.18
Central Bank Balance Sheet 1346756.00 UAH Million Jul/21 1335922.00 1374688.00 197215.00


Ukraine Interest Rate
In Ukraine, interest rate decisions are taken by the National Bank of Ukraine. The official interest rate is the discount rate.