The National Bank of Ukraine has decided to keep the discount rate unchanged at 15%. This strategic decision was made on April 30 by the regulator’s board to ensure the stability of the country’s financial system and to control inflationary processes.
This is reported by Finway
Reasons for Maintaining the Discount Rate
Keeping the rate at the current level is aimed at supporting the attractiveness of hryvnia deposits and domestic government bonds (OVDP), as well as preventing excessive fluctuations in the currency market. As a result, banks can continue to offer competitive interest rates, which encourages citizens to save their funds in the banking system.
“Today’s decision to maintain the discount rate at the unchanged level will support these positive trends, particularly contributing to the stability of the currency market and the controllability of inflationary processes amid significant geopolitical uncertainty. At the same time, this decision will not pose threats to the further development of lending, which continues to grow at a high pace,” the NBU’s message states.
NBU Forecast and Possible Policy Changes
In the updated macroeconomic forecast, the NBU indicated that the discount rate will remain at 15% at least until the second quarter of 2027. The regulator emphasized that it is ready to respond promptly to potential threats to price stability, including by raising the rate if inflation risks intensify.
This is not the first such decision by the National Bank this year — a previous similar decision was made on March 19, which helped maintain interest in hryvnia assets and support the development of the currency market. Earlier, the NBU also forecasted the discount rate to remain at 15% until the end of 2026, but new macroeconomic assessments have extended this period by another year.