NBU updates list of benchmark-government bonds to cover banks' required reserves

The National Bank of Ukraine (NBU) updated the list of benchmark-government domestic loan bonds to cover banks' required reserves.

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

Thus, from October 28, 2025, the list of benchmark-bonds will include bonds with ISIN UA4000237564, the first placement of which was carried out by the Ministry of Finance of Ukraine on October 14, 2025.

Banks are able to include a certain list of benchmark-bonds in covering 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 October 28, 2025, it will contain 19 issues of securities, namely: UA4000227201, UA4000227490, UA4000228043, UA4000228381, UA4000228811, UA4000229116, UA4000232177, UA4000232607, UA4000232615, UA4000232896, UA4000232912, UA4000233613, UA4000234140, UA4000234553, UA4000234934, UA4000235642, UA4000236418, UA4000236632 and a new UA4000237564.

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). This amount must 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.

As Ukrainian News Agency earlier reported, in order to increase the efficiency of monetary market regulation and help avoid financing the budget deficit through emission sources, banks are allowed to cover part of the required reserves at the expense of benchmark government bonds.

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