On 31 July 2026, the decision of the Board of the National Bank of Ukraine dated 30 July 2026 No. 225-рш “On the Level of the Discount Rate” comes into force, raising the discount rate in view of the persistent heightening of underlying inflationary pressures and a more significant acceleration of headline inflation by the end of the year, according to the NBU press service.
Therefore, from 31 July 2026, the discount rate is raised from 15% to 15.5%. This step is in line with the path of deceleration of inflation toward the 5% target.
According to the NBU’s estimates, consumer and core inflation continue to increase because of the course of the full-scale war in Ukraine and the war in the Middle East.
At the same time, NBU considers that inflation will decline to 6.9% in 2027 and will reach the 5% target by the end of 2028 thanks to gradual reduction in the budget deficit and improvements in the energy sector.
The regulator also states that it stands ready to continue using its monetary policy instruments in order to contain price pressures.
We will continue to closely monitor further developments in this area and report on them in the future Legal News.
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