National Bank of Ukraine
Ukraine's central bank, which sets the key policy rate.
The National Bank of Ukraine raised its key policy rate by half a point to 16% on 17 September 2026, citing August inflation of 8.1% driven by fuel prices and Russian attacks on energy, logistics and production.
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Timeline for National Bank of Ukraine
Mentioned in: Russian strikes cut Ukraine's grid links
Russia-Ukraine War 2026Raised its key policy rate to 16%
Russia-Ukraine War 2026: Ukraine's central bank lifts rate to 16%Background
The National Bank of Ukraine (NBU) is Ukraine's central bank, set up in 1991 and based in Kyiv. It sets the key policy rate, which stood at 16% after its board's half-point rise on 17 September 2026.
The bank targets consumer inflation of 5% and aims to bring prices back towards it within its policy horizon. In wartime its rate decisions weigh fuel costs and Russian strikes on energy and logistics, as well as the flow of foreign financing that keeps Ukraine's budget running.
Its rate sits two points above the Bank of Russia's 14%, and both central banks now cite fuel costs from opposite sides of the same refinery and grid war.
The bank raised its rate to 16%
The board's half-point rise took the key rate from 15.5% to 16%, effective 18 September 2026. Consumer inflation had reached 8.1% in August, slightly above the bank's July forecast PATH and well above its 5% target.
The bank blamed fuel prices and Russian attacks on energy, logistics and production for part of the pressure, and named disruptions to international financing as a key risk. The rise left Kyiv's rate two points above the Bank of Russia's 14%. Three weeks later Russia stepped up strikes on the transmission lines that move power between Ukraine's regions, the kind of damage the bank had flagged.
What is the National Bank of Ukraine's key policy rate?
Why did the National Bank of Ukraine raise interest rates in September 2026?
What is the National Bank of Ukraine's inflation target?
