FX.co ★ Ukraine Keeps Interest Rate Untouched for 4th Time

The National Bank of Ukraine has opted to maintain its policy rate at 15.5% as of September 11, 2025, marking the fourth consecutive meeting with no rate change. Policymakers emphasized that this current approach will facilitate the central bank in upholding favorable monetary conditions, ensuring stability in the foreign exchange market, anchoring expectations, and steering inflation towards the 5% target. Consumer price growth has decelerated for three months in a row, reaching 13.2% year-on-year in August. This slowdown has been supported by the introduction of the new harvest into the market, although inflation remains high. The central bank anticipates a further decline in inflation, influenced by both the impact of recent harvests and the National Bank of Ukraine's (NBU) initiatives to preserve the attractiveness of hryvnia assets and maintain foreign exchange market stability. The central bank highlighted that the ongoing full-scale war poses the primary risk to inflation and the overall economy while noting that external assistance provides adequate reserves and budget support.