Ukrainian central bank carries out second wartime rate cut

Sustained fall in inflation is likely to continue as food supply improves, NBU says

The National Bank of Ukraine
The National Bank of Ukraine
Photo: Oksana Parafeniuk

Ukraine’s central bank cut its policy rate today (September 14), saying the sustained fall in inflation was likely to continue despite the continuing war with Russia.

The National Bank of Ukraine (NBU) lowered its key rate from 22% to 20%, its second cut since Russia invaded in February 2022. The 200 basis point cut followed a 300bp reduction on July 27.

Year-on-year inflation fell for the eighth consecutive month running in August, dropping to 8.6% from 11.3% in July. Inflation reached a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account