Easing of interest rate policy: NBU lowers discount rate to 15%

The National Bank of Ukraine lowered the discount rate for the first time in more than a year and a half, fixing it at 15%.

This was announced by the head of the NBU, Andriy Pyshny, quoted by RBC-Ukraine.

As it became known, the National Bank has reduced the discount rate by 0.5%. It is noted that this step was taken as part of the strategy to bring inflation to 5% and support the economy.

“The Board decided to begin a cycle of easing interest rate policy, given the steady decline in inflationary pressure and the reduction in risks associated with external financing,” Pyshny said at a press conference.

According to him, inflation in Ukraine decreased to 8% year-on-year in the last month of 2025. He explained that this was due to higher productivity, reduced pressure on the labor market, and the maintenance of a stable situation in the foreign exchange market.

“Inflation will be moderate in 2026, and will continue to be close to the 5% target, with its achievement in mid-2028,” the official noted.

It is worth noting that the discount rate is an indicator by which the National Bank sets a benchmark for monetary market entities regarding the value of money in the country. The interest rate at which it is possible to take out a loan or open a deposit depends on the discount rate.

This indicator was last changed in June 2024.

As a reminder, in December the board of the National Bank of Ukraine decided to keep the discount rate at the current level of 15.5%. As the regulator explains, inflation expectations of economic agents remain elevated, despite the general slowdown in price growth.

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