Ukraine’s National Bank raised the key policy rate from 15.5% to 16.0% per annum from 18 September 2026. The increase raised the tax penalty interest rate, which was linked to 120% of the National Bank rate, from 18.6% to 19.2% per annum.
Ukraine’s National Bank of Ukraine (NBU) raised the key policy rate by 0.5 percentage points to 16.0% per annum, with the new rate taking effect from 18 September 2026.
The key policy rate is applied to calculate interest and penalties on late tax payments.
The increase also affected the late payment penalty interest, which is linked to the National Bank rate for tax purposes. The penalty interest rate is set at 120% of the National Bank rate, resulting in an increase from 18.6% to 19.2% per annum.
The NBU said the decision reflected persistent fundamental price pressures and increased medium-term pro-inflationary risks. It also aimed to maintain the attractiveness of hryvnia-denominated assets, support foreign exchange market resilience and keep inflation expectations under control.
The key policy rate had previously been increased from 15.0% to 15.5% with effect from 31 July 2026.
The latest decision was approved by NBU Board Resolution No. 313-rsh dated 17 September 2026 and became effective on 18 September 2026.
The NBU said it remained prepared to respond to changes in the balance of risks, including through further measures if inflationary pressures intensified.
This announcement was made on 17 September 2026.
