The Board of the National Bank of Ukraine has decided to raise the key policy rate to 13.5% annually. This decision aims to maintain the stability of the currency market, control inflation expectations, and gradually reduce inflation to the target of 5%. This has implications for the interest on late payment penalties for tax purposes, as it is determined by the rate set by the National Bank.
This announcement was made in a release on 12 December 2024.
The NBU will continue tightening monetary policy at upcoming meetings if inflationary pressure persists and inflation expectations risk becoming unbalanced. The updated policy rate was approved by the NBU Board on 12 December 2024, and took effect on 13 December 2024.
The results of the monetary policy committee’s discussions before this decision will be published on 23 December 2024. The next NBU Board meeting on monetary policy will take place on 23 January, 2025 according to the approved schedule.
