Ukraine’s central bank said it would keep its benchmark interest rate unchanged at 15.5%, citing the need to support demand for hryvnia-denominated assets, stabilise the foreign exchange market and rein in inflation expectations as it works towards its medium-term inflation target, reported Ukraine Business News.

The National Bank of Ukraine (NBU) said inflation would continue to slow in the coming months, though at a more moderate pace as favourable base effects fade. Consumer and core inflation eased to an annual rate of 9.3% in November, the regulator said, but inflation expectations remain elevated.

The NBU reiterated that its policy aim is to gradually return inflation to its 5% target over the policy horizon. Maintaining relatively tight monetary conditions would help anchor expectations and limit pressure on the currency, it said.

The central bank also pointed to strong external financial support. Since the start of the year, Ukraine has received $45.8bn in official financing, with a further $5bn expected by the end of the year. This has allowed the government to meet budget obligations without resorting to monetary financing and to keep international reserves at adequate levels.

However, the NBU warned that uncertainty remains over the scale and timing of foreign assistance in 2026 and 2027. It listed key risks as the course of the war, the potential need for additional budget spending, further damage to energy infrastructure and worsening labour shortages.

The NBU has kept the key rate at 15.5% since early March 2025, following three increases starting in mid-December 2024. Before that, it held the rate at 13% for six months, after cutting it from a wartime peak of 25% in seven steps beginning in July 2023.