The National Bank of Ukraine Keeps the Discount Rate at 15.5%

The Board of the National Bank of Ukraine has decided to keep the discount rate unchanged at 15.5% per annum. The regulator believes that this step will help maintain the stability of the currency market and ensure control over inflation expectations, which is crucial for returning inflation to a path of sustainable slowdown.

This is reported by AgroReview

Reasons for Maintaining the Rate and Prospects

The National Bank emphasized that if threats to the sustainable reduction of inflation to the target level of 5% intensify, the discount rate may remain unchanged for a longer period. One of the key risks to the economy and inflation dynamics, according to the NBU, is the ongoing full-scale war in the country.

“The war continues. Russian aggression continues to threaten the long-term reduction of the country’s economic potential, particularly due to losses of people, territories, and production. The speed of the economy’s return to normal functioning conditions will depend on the nature and duration of hostilities,” the statement reads.

Dynamics of the Discount Rate in 2025

In March 2025, the National Bank raised the discount rate by 1%, bringing it to 15.5% per annum. In April, this level remained unchanged. Prior to that, in January 2025, the discount rate was also increased by 1% to 14.5% per annum, and another increase occurred in December of the previous year.

The discount rate is one of the main instruments of the NBU’s monetary policy, which determines the benchmark for the cost of attracted and placed funds for banks and other participants in the financial market for a certain period.