In Ukraine, interest rate decisions are taken by the National Bank of Ukraine. The official interest rate is the discount rate.
Latest Updates
The National Bank of Ukraine has begun easing monetary policy by cutting its key rate by 50bps to 15% in January 2026, reflecting easing inflationary pressures and reduced risks to external financing, while still aiming to return inflation to its 5% target over the medium term. Inflation slowed to about 8% year on year by the end of 2025 due to strong harvests, easing labor market pressures, and a stable FX market, and it is expected to keep declining in early 2026 before temporarily accelerating in the second half because of energy-sector damage and low base effects, ending 2026 at around 7.5%, falling to 6% in 2027 and reaching 5% in 2028. Economic growth remains modest due to the war, about 1.8% in 2025–2026, but should accelerate to 3–4% in 2027–2028 as reconstruction, investment, and energy recovery progress.
