NBU leaves key policy rate unchanged at 25%

The National Bank of Ukraine (NBU) has endorsed a decision to leave its key policy rate unchanged at 25%.

The relevant statement was made by NBU Governor Andriy Pyshnyy at a briefing, an Ukrinform correspondent reports.

“The Board of the National Bank endorsed a decision to leave the key policy rate at 25% per annum and introduce a number of additional measures to increase competition among banks for long-term retail deposits,” Pyshnyy told.

In his words, such steps will help to further increase the attractiveness of hryvnia savings, support the stability of the foreign exchange market, and create prerequisites for easing foreign currency restrictions.

Additionally, this will protect personal savings against inflation and ensure a decrease in price pressure.

A reminder that, in January 2022, the National Bank of Ukraine (NBU) raised its key policy rate to 10%. As the Russian full-scale invasion started, the key policy rate was kept unchanged. On June 3, 2022, the NBU raised its key policy rate from 10% to 25%.