On 18 June 2026, the National Bank of Ukraine Board decided to keep the key policy rate at 15% per annum. The decision took effect on 19 June. For most Ukrainians, this sounds like an abstract number — but it directly affects your deposits, loans and even the hryvnia exchange rate at currency offices.
The regulator is guided by concrete data. In May 2026, consumer inflation in Ukraine slowed to 8.2% year-on-year, but core inflation (excluding seasonal goods and fuel) accelerated slightly to 7.9% — somewhat above the NBU's forecast trajectory.
The main reason for this acceleration is second-round effects from energy price rises several months earlier. When electricity and fuel become more expensive, businesses factor these costs into the prices of goods. This effect is delayed — hence the unexpected pickup in core inflation.
Holding the rate at 15% is a deliberate choice between two risks. Cutting the rate would boost lending and consumption but could push inflation higher. Raising the rate would cool inflation but would burden already expensive credit. The NBU chose balance — and warned: if inflationary pressure intensifies, the rate will be raised. The next meeting is scheduled for 30 July 2026.
The key rate is a benchmark for the entire financial system. When it is high, banks can borrow from the NBU at that price — and therefore have an incentive to offer savers competitive deposit rates rather than paying the regulator.
In practice, this means Ukrainian banks are currently offering hryvnia deposits at 12–17% per annum depending on the term and bank. Monobank has offered up to 16% on some terms; mid-sized banks often go even higher. This represents a real positive return: with inflation at 8.2%, a 15% rate means your savings are genuinely growing in purchasing power.
You can compare current deposit rates from different banks on BankSorter — deposits. The difference between the worst and best offer often reaches 3–4 percentage points — on a deposit of UAH 200,000 that is UAH 6,000–8,000 per year.
For borrowers the situation is less optimistic. With the key rate at 15%, bank consumer loans remain expensive — on average 25–40% per annum for unsecured loans. The state mortgage programme ("eOselya") offers rates around 7% for eligible categories, but for everyone else market rates are significantly higher.
A reduction in lending rates can only be expected when the NBU begins to cut the key rate. For that to happen, inflation must sustainably fall below the regulator's 5% target. By current forecasts, that is realistic no earlier than 2027.
If you need a loan today, compare terms — the difference between banks can be significant even now. Some banks offer promotional rates or a preferential introductory period.
Alongside the rate decision, another important development occurred in May 2026: 23 banks controlling over 75% of the banking system's net assets signed a Memorandum to expand financing for defence-industrial complex enterprises — at the NBU's initiative.
Signatories include PrivatBank, Oschadbank, Ukreximbank, Universal Bank (monobank), Raiffeisen Bank, OTP Bank and other major players. The memorandum provides for:
NBU Governor Andriy Pyshny reported that banks have already extended more than UAH 60 billion in loans and guarantees to defence sector companies. The memorandum is intended to scale this process.
This decision will not be directly felt in your personal accounts — it concerns the corporate segment. But there is an indirect effect: banks that actively participate in state programmes are generally more stable and have a better regulatory standing. This positively affects deposit reliability and the overall resilience of the system.
For entrepreneurs and small business owners connected to the defence complex, this is a signal to review financing terms. Banks that signed the memorandum are waiving the hard-collateral requirement for companies with confirmed defence contracts — which was previously the main barrier to obtaining credit. If your business holds contracts in this area, contact your bank or compare offers at BankSorter — business accounts.
The 15% rate is your opportunity. While the NBU holds it at this level, banks are compelled to pay good interest on deposits. When inflation falls and the NBU starts cutting rates, deposit rates will fall first. Those who lock in a good rate for 12 months today will come out ahead compared to those who wait.
The NBU's 18 June decision is a signal of stability, not indecision. The regulator has the situation under control and is ready to act if inflationary risks intensify. For savers this means favourable deposit rates continue at least until the July meeting. Do not delay — compare current rates on BankSorter.com and choose the best offer today.
Compare current bank offers and find the best one for you.
See the ranking →