Glossary

Key policy rate: what it means

The key policy rate is the National Bank of Ukraine's main rate, which drives interest on deposits, loans and government bond yields.

The key policy rate is the price of money set by the National Bank of Ukraine (NBU). The NBU uses it to take in money from banks through certificates of deposit and to refinance banks. All other rates in the economy take their cue from it: deposits, loans and government bonds.

The key rate currently stands at 16.5%. The NBU reviews it on a schedule, roughly every six weeks, and the main purpose of changing it is to keep inflation close to target.

  • When the rate goes up, usually because inflation is accelerating, deposits and bonds pay more and loans cost more.
  • When the rate goes down, loans get cheaper, but so does the return on savings.

For you, the key rate is a benchmark: if a deposit pays far less than it and a loan costs far more, compare offers from other banks.

In detail, with examples: NBU key policy rate: what it is and how it affects your deposits, loans and bonds

Related terms

Inflation Government bonds (OVDP) Deposit

Figures used here

  • NBU key policy rate16.5%
    from October 30, 2026

Checked against official sources on October 29, 2026. When a figure changes, it is updated on every page of the site.

Spotted a mistake or an outdated figure? and we will check it against the primary source and fix it.

Read more