Ukraine Interest Rate

The National Bank of Ukraine has decided to leave its policy rate at 15.5% on September 11, 2025, maintaining four straight meetings without a change. Policymakers stated that the current stance will allow the central bank to sustain appropriate monetary conditions, support stability in the FX market, anchor expectations, and guide inflation toward the 5% target. Consumer price growth has slowed for three consecutive months, falling to 13.2% year-on-year in August, aided by the arrival of the new harvest to the market, though it remains elevated. The central bank expects inflation to decline further, reflecting both the impact of fresh harvests and the NBU’s steps to maintain hryvnia asset attractiveness and FX market stability. The central bank underlined that the full-scale war remains the main risk to inflation and the economy, noting that external aid ensures sufficient reserves and budget financing.