Policy Interest Rate in Ukraine
The key policy rate ended 2022 at 25%, up from the 9% end-2021 value and higher than the reading of 6.5% a decade earlier. For reference, the average policy rate in Eastern Europe was 8.4% at the end of 2022. For more interest rate information, visit our dedicated page.
Ukraine Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Ukraine from 2024 to 2023.
Source: Macrobond.
Ukraine Interest Rate Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Policy Interest Rate (%, eop) | 6.00 | 9.00 | 25.00 | 15.00 | 13.50 |
National Bank of Ukraine keeps policy rate steady in April
Central Bank decision: At its meeting in mid-April, the National Bank of Ukraine (NBU) decided to leave its key policy rate at 15.50%, following 250 basis points of hikes since November 2024.
Expectations of lower inflation drive decision: The hold was motivated mainly by the Bank’s belief that it has done enough for now to stem price pressures; the Bank stated that inflation should decline in the summer and return to single digits by the end of this year. Moreover, the rise in downward risks to the global and domestic economies following recent and threatened U.S. tariff hikes were likely an additional consideration.
Monetary easing on the cards: The NBU indicated its intention to keep the key policy rate at 15.50% over the coming months and to start cutting rates after inflation peaks. This is in line with our Consensus for the policy rate to end 2025 over 100 basis points below current levels.
Panelist insight: Commenting on the coming Central Bank decisions, EIU analysts said: “We expect inflation to begin to stabilise in the medium term, and for the bank to be able to start another cycle of monetary policy easing in late 2025 until mid-2027, with the policy rate settling at 8% by the third quarter of 2027.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Ukrainian interest rate projections for the next ten years from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Ukrainian interest rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Ukrainian interest rate projections.
Want to get access to the full dataset of Ukrainian interest rate forecasts? Send an email to info@focus-economics.com.
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