The National Bank of Ukraine lowered its benchmark interest rate by 200bps to 8% on April 23rd, while markets had forecast a smaller 75bps. It brings borrowing costs to its lowest since March of 2014 to support the economy during the period of pandemic and quarantine. Policymakers expect the economy to contract by 5.0% in 2020 in the wake of the quarantine imposed to overcome the pandemic and due to the global crisis; and it is projected to resume growth at around 4% in the following years. Meantime, inflation is forecasted to accelerate moderately in the coming months, to reach 6% at the end of 2020. The NBU expects the key policy rate to be reduced further, to 7% in the current year but leaves open the possibility of a greater easing in monetary policy if a fall in consumer demand puts stronger downward pressure on inflation than is currently expected.

Interest Rate in Ukraine averaged 37.88 percent from 1992 until 2020, reaching an all time high of 300 percent in October of 1994 and a record low of 6.50 percent in August of 2013. This page provides the latest reported value for - Ukraine Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Ukraine Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: National Bank of Ukraine

Interest Rate in Ukraine is expected to be 8.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Ukraine to stand at 7.00 in 12 months time. In the long-term, the Ukraine Interest Rate is projected to trend around 7.00 percent in 2021, according to our econometric models.

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Ukraine Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
8.00 8.00 300.00 6.50 1992 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-12-12 12:00 PM 13.5% 15.5% 14.5% 14.5%
2020-01-30 12:00 PM 11% 13.5% 11.5% 12.5%
2020-03-12 12:00 PM 10% 11% 10% 10%
2020-04-23 11:00 AM 8% 10% 9.25% 9.25%
2020-06-11 11:00 AM 8% 8%
2020-07-23 11:00 AM 8%
2020-09-03 11:00 AM 8%
2020-10-22 11:00 AM 7.5%


News Stream
Ukraine Cuts Interest Rate by 200bps
The National Bank of Ukraine lowered its benchmark interest rate by 200bps to 8% on April 23rd, while markets had forecast a smaller 75bps. It brings borrowing costs to its lowest since March of 2014 to support the economy during the period of pandemic and quarantine. Policymakers expect the economy to contract by 5.0% in 2020 in the wake of the quarantine imposed to overcome the pandemic and due to the global crisis; and it is projected to resume growth at around 4% in the following years. Meantime, inflation is forecasted to accelerate moderately in the coming months, to reach 6% at the end of 2020. The NBU expects the key policy rate to be reduced further, to 7% in the current year but leaves open the possibility of a greater easing in monetary policy if a fall in consumer demand puts stronger downward pressure on inflation than is currently expected.
2020-04-23
Ukraine Slashes Key Rate to 10%
The National Bank of Ukraine lowered its benchmark interest rate by 100bps to 10 percent on March 12th, bringing borrowing costs to its lowest since June 2014 and in line with market expectations, saying inflationary pressures have been decreasing faster than expected and the economy needs further support. In February, inflation fell to a six-year low of 2.4 percent, below the central bank’s forecast. Policymakers added that an inflation forecast of 4.8 percent as of the end of 2020 made in January may be reviewed in April depending on further developments. The National Bank expects the interest rate to be 7 percent at the end of the year.
2020-03-12
Ukraine Cuts Key Rate to 11%
The National Bank of Ukraine lowered its benchmark interest rate by 250bps to 11% on January 30th 2020, defying expectations of a 200bps cut, after inflation rate in December 2019 slowed to a six-year low of 4.1%. Policymakers expect inflation to stay below the 5% ± 1 target range most of this year and then to accelerate in Q4 to 4.8% by 2020, while for 2021 to 2022 inflation is expected to remain at the level of the medium-term objective due to the softening of monetary policy. Regarding economic growth, the central bank forecasts GDP growth to accelerate to 3.5% in 2020 from 3.3% in 2019, and to be around 4% in the coming years. The National Bank added that interest rate is likely to be 7% by the end of 2020 due to rapid improvement of macroeconomic situation in the country.
2020-01-30
Ukraine Cuts Key Rate to 13.5%
The National Bank of Ukraine lowered its benchmark interest rate by 200bps to 13.5 percent on December 12th 2019, surprising markets who expected a 25bps reduction. It was the fifth rate cut this year, bringing borrowing cost to its lowest since November 2017 and in line with central bank expectations of lowering interest rates up to 8 percent. Policymakers noted that inflationary pressures declined faster than expected due to the rapid appreciation of the hryvnia. In November, annual inflation fell to 5.1%, slightly above the medium-term target of 5%, set by the NBU in 2015.
2019-12-12

Ukraine Interest Rate
In Ukraine, interest rate decisions are taken by the National Bank of Ukraine. The official interest rate is the discount rate.