NBU leaves its key policy rate unchanged at 15%

The National Bank's Board of Directors decided to keep its key policy rate at 15%.

It was reported by the NBU, according to the Ukrainian News agency.

In May, consumer inflation slowed as expected (to 8.2% year-over-year) due to an increase in the supply of raw food products, while core inflation accelerated slightly (to 7.9% year-over-year). Both indicators were higher than the NBU’s forecast trajectory (Inflation Report, April 2026), primarily due to stronger secondary effects from the sharp rise in energy prices in previous months. Inflation expectations were generally stable, though they remained elevated among certain groups of respondents.

At the same time, given signs of mounting fundamental price pressures, the NBU will be prepared to raise the policy rate if necessary to maintain control over inflation expectations and return inflation to a sustained downward trajectory toward the 5% target.

As the Ukrainian News agency earlier reported, in March 2021 the NBU raised its key policy rate to 6.5%, in April to 7%, in July to 8%, in September to 8.5%, in December to 9%, in January 2022 to 10%, and in June 2022 to 25%.

In July 2023, the NBU lowered its key policy rate from 25% to 22%, in September to 20%, in October to 16%, in December to 15%, in March 2024 to 14.5%, in April to 13.5%, in June to 13%, in December 2024 it raised it to 13.5%, in January 2025 to 14.5%, in March to 15.5%, and in January 2026 to 15%.

At the same time, the Bank of russia’s Board of Directors had previously decided to lower its key rate from 15.5% to 14.5% per annum.