FX.co ★ Ukraine Holds Policy Rate at 15%

At its June 2026 meeting, the National Bank of Ukraine left its key policy rate unchanged at 15%, marking a third consecutive pause following a 50 bps cut at the start of the year. The central bank stated that the current rate level keeps monetary conditions sufficiently tight for the Ukrainian economy while remaining high enough to support demand for hryvnia‑denominated fixed-income instruments. At the same time, the NBU struck a hawkish tone, signalling its readiness to raise rates if it sees that higher energy prices, stemming from the war in the Middle East, are becoming entrenched in core components of the consumer price basket. Headline consumer inflation eased to 8.2% in May, while core inflation accelerated to 7.9%, with both readings surpassing the central bank’s projections. The NBU expects inflation to remain broadly stable in the coming months, edge higher toward the end of the year, and then decline in 2027.