The NBU Gave Banks a New Reserve Tool — And It Matters More to Your Wallet Than It Sounds
On September 21, 2026, the National Bank of Ukraine (NBU) expanded its list of so-called benchmark domestic government bonds (OVDP) that banks can use to cover part of their mandatory reserves. The list now includes a new issue identified as UA4000239123, first placed by the Ministry of Finance on September 1, 2026. After the update, the list contains 21 government securities issues in total, and banks can still use these bonds to cover up to 60% of their mandatory reserve requirement. It sounds like pure back-office plumbing, and at first glance it has nothing to do with how much money sits on your card or savings account. But decisions like this one gradually shape how eager banks are to attract your deposits, how willing they are to lend, and how stable the whole system you rely on every day actually is.
What Mandatory Reserves Are and Why Banks Need Them
Every bank is required to hold a certain share of the funds it collects from clients at the central bank — these are mandatory reserves. They act as a cushion that protects the system from a sudden outflow of money and give the NBU a lever over the money supply in the economy. Until recently, banks had to keep most of these reserves as non-interest-bearing cash on correspondent accounts at the NBU — money that simply sits there and earns nothing.
Benchmark government bonds change that logic: instead of "dead" money parked at the central bank, a bank can now hold part of its reserves in government bonds that pay coupon income. For a bank, that is the difference between money that just sits idle and money that actually works. The wider the list of bonds eligible for reserve coverage, the more flexibly a bank can manage its liquidity — and the less pressure it feels to offset that "frozen" money at its clients' expense.
Why This Decision Came Now
The NBU's own explanation is direct: the goal is to support bank activity at the Ministry of Finance's government bond auctions. This is not abstract bureaucracy — it is one of the key channels through which the state finances its budget deficit during a full-scale war without resorting to monetary emission, that is, printing new money. If banks are willing buyers of government bonds, the Ministry of Finance can raise money for payments, defense, and social obligations more cheaply and without the inflationary risk of an oversized money supply.
This decision logically complements the broader NBU policy of recent weeks aimed at containing inflationary pressure and supporting the hryvnia — a topic we have covered in detail in previous pieces on the key policy rate and inflation figures. Expanding the OVDP list is a softer, market-based tool: it does not force banks to buy bonds, it simply makes doing so more attractive.
What This Means for Your Wallet
Deposit and Savings Account Rates
The effect here is twofold, and not always in the depositor's favor. On one hand, if a bank gains an additional income-generating asset (a coupon-bearing bond) instead of a "frozen" reserve, it has a bit more room to maneuver — and in theory could offer a more competitive deposit rate to attract fresh money that it can then use to buy more of those same bonds. On the other hand, it becomes easier for a bank to meet its reserve requirement without actively courting new deposits — which can weaken the incentive to lure clients with high rates, especially at banks that are already well capitalized.
The practical takeaway is simple: after technical decisions like this, deposit and savings account rates across different banks can diverge more than usual — some will raise their offers to fund purchases of new bonds, while others will leave their terms unchanged. This is exactly the moment not to rely on your "default" bank, but to check current conditions in BankSorter's deposit rankings and savings account rankings — the gap between the best and an average offer right now can be significant.
Loan Availability and Cost
For borrowers, the logic is slightly different. A bank that puts part of its liquidity into government bonds instead of holding it as "dead weight" in reserves gets more room for active operations — including lending to businesses and households. This does not mean loan rates will drop overnight: the NBU's key policy rate remains the main benchmark for the cost of money, and it is currently high precisely to contain inflation. But for more flexible products — credit lines, overdrafts, consumer loans — banks with better liquidity usually have more room for targeted promotions and individual terms. If you are planning to borrow soon, it makes sense to compare current offers in BankSorter's loan rankings rather than rely on terms you saw a few months ago.
System Stability and Choosing a Bank for Everyday Banking
There is one more, less obvious side to this news. Banks that actively and consistently participate in government bond auctions generally signal a higher level of trust from both the regulator and the market — participation in state borrowing requires stable capital and liquidity. For an ordinary client, that is an indirect but useful marker of a bank's reliability. If you are choosing where to open your main account for salary and everyday payments, it is worth looking beyond sign-up bonuses at a bank's overall stability — you can compare conditions in BankSorter's personal account rankings, which factor in both fees and reputational indicators.
Bottom Line: What to Do Now
The NBU's decision to expand the benchmark OVDP list will not change your deposit or loan terms overnight on its own. But it is one of those technical regulatory steps that gradually reshape the incentives banks operate under — and within a few weeks, that can show up in rates and promotional offers. The smartest reaction for an ordinary client is not to guess which bank will move first, but to regularly check what the market actually offers. Make it a habit to review fresh deposit, savings account, and loan rankings on BankSorter once a month — it takes only a few minutes, and it means you won't miss the moment your bank stops being the best deal available.