On 14 March 2024, the Board of the National Bank of Ukraine announced it had reduced the discount rate from 15% to 14.5% annually, effective from 15 March 2024. Previously, the key policy rate was lowered from 16.0% to 15.0% starting 15 December 2023. This adjusted interest rate has a tax effect on the late tax payment interest and penalties. The penalty interest rate is set at 120% of the National Bank rate, which will lead to a decrease in the penalty interest rate from 18.0% to 17.4% per year.