NBU updates list of benchmark government bonds that banks can include in coverage of required reserves from June 11

The National Bank of Ukraine (NBU) is updating the list of benchmark government bonds, through which banks can cover part of the volume of required reserves (benchmark government bonds).

This is stated in the NBU message, Ukrainian News Agency reports.

Thus, from June 11, 2025:

- Government bonds with the identification number (ISIN) UA4000227102 will be excluded from the list of benchmark government bonds due to its scheduled repayment on May 21, 2025 in full;

- instead, Government bonds with ISIN UA4000235642 will be added to the list of benchmark government bonds, the first placement of which was carried out by the Ministry of Finance of Ukraine on May 27, 2025.

This decision is intended to support the activity of banks at the auctions of the Ministry of Finance of Ukraine for the placement of government bonds, which is important for ensuring financing of the state budget exclusively on a non-issue basis.

Banks are able to include a certain list of benchmark government bonds in coverage of up to 60% of the volume of required reserves. The relevant list is determined by the National Bank, taking into account the proposals of the Ministry of Finance of Ukraine.

From June 11, 2025, it will contain 17 issues of securities, namely: UA4000227193, UA4000227201, UA4000227490, UA4000228043, UA4000228381, UA4000228811 UA4000229116, UA4000232177, UA4000232607, UA4000232615, UA4000232896, UA4000232912, UA4000233613, UA4000234140, UA4000234553, UA4000234934 and the new UA4000235642.

As Ukrainian News Agency earlier reported, required reserves are one of the traditional instruments of central banks. Its content is as follows: a bank is obliged to reserve funds on its correspondent account with the central bank in an amount determined as a certain percentage of its liabilities (reserve ratio) and taking into account the share of required reserves that the bank covers at the expense of benchmark government bonds.

This amount should be formed on average over the reservation period.

This makes it possible to smooth out possible conjunctural (unforeseen) fluctuations in liquidity, while ensuring the effective use of the instrument itself for its intended purpose - limiting part of the free liquidity of the banking system.

To request a correction, please send an email.