NBU holds key policy rate at 15.5% for fourth straight meeting

The National Bank of Ukraine on Thursday, September 11, announced the decision to keep the key policy rate at 15.5%.

It has not been reviewed for four meetings in a row.

"Inflation is on a downward trajectory, but still high," the regulator explained its decision. In August, its level was 13.2% in annual terms.

The NBU's July macroeconomic forecast envisages the start of the key policy rate cut cycle in the fourth quarter of 2025.

The NBU warned that if inflationary risks materialize or increase (escalation of hostilities, increased shelling and destruction, additional budget expenditures, etc.), the NBU will be ready to postpone the key policy rate cut and, if necessary, take additional measures.

• The key policy rate is a key indicator of the value of money in a country, on which interest rates for loans and deposits depend.
• After the war started, it was sharply increased from 10% to 25%, and remained at this level until July 2023. Then, due to a significant slowdown in inflation , the NBU began to gradually reduce the rate, until in December 2023 it dropped to 15%.
• In March 2024, the NBU resumed its reduction, but in December began to raise it again .
• Since March 2025, it has been at 15.5%.