---
title: "Economic Revolution: The National Bank Changes the Rules of the Money Market Game Starting August 2026"
description: "The National Bank is launching a major money market reform starting August 7, 2026 🇺🇦. Banks will switch to a tender system for placing certificates, which should strengthen the influence of the discount rate and curb inflation. Simultaneously, the regulator raised the rate to 15.5% per annum 📉💰"
date: 2026-07-30T14:44:00.000Z
lang: en
url: https://xab.info/en/posts/national-bank-ukraine-interest-rate-policy-modernization-2026
tags: [nbu, ukraine-economy, monetary-policy, inflation, interest-rates]
publisher: "XAB.info"
---

# Economic Revolution: The National Bank Changes the Rules of the Money Market Game Starting August 2026

![Headquarters of the National Bank of Ukraine with Ukrainian flag waving — symbol of upcoming economic reforms starting August 2026](https://xab.info/media/2026/07/30/natsbank-ukrainy-moderinizatsiya-protsentnoy-politiki-2026/natsbank-ukrainy-moderinizatsiya-protsentnoy-politiki-2026-1.webp)

The Ukrainian financial sector is preparing for major changes. The National Bank of Ukraine (NBU) has announced the start of the modernization of the operational design of its interest rate policy. A key element of the reform will be the transition to a new mechanism for placing deposit certificates, aimed at strengthening the influence of the discount rate on the money market and increasing the overall effectiveness of monetary policy.

### Transition from Guaranteed Placement to Tenders

According to the regulator's press service, the first stage of changes will start on August 7, 2026. At the heart of the reform is the mechanism for placing three-month limited NBU deposit certificates. The fundamental difference of the new system lies in the transition from the current format to interest rate tenders.

Currently, the National Bank fully satisfies bank applications for placing funds in this instrument. However, once the changes come into force, the situation will change: the NBU will determine in advance the volume of deposit certificates ready for placement. Tenders will be held every two weeks, and banks will be forced to compete for the right to place funds by offering interest rates within the conditions determined by the regulator.

### Successes of the Current Model and Reasons for Changes

The National Bank emphasizes that the current model, introduced in 2023, has already proven its effectiveness. It was this model that allowed strengthening the influence of the discount rate on the financial market, activating competition among banks for depositors, and making hryvnia savings more attractive to the population.

Statistics confirm the effectiveness of the regulator's course:

- If in 2022 the average yield on term hryvnia deposits was 9–12% per annum, then by July 2026 this indicator exceeded 14%, despite the decrease in the discount rate level.

- Since the beginning of 2026, the volume of term hryvnia deposits of the population has grown by almost 10%.

- During the period of full-scale war, the volume of such savings has doubled.

Despite these successes, the NBU believes that the mechanism requires further modernization. The new changes are aimed at strengthening interest rate transmission — the process that ensures a faster and fuller impact of discount rate decisions on deposit rates, loans, and other financial instruments.

### Goals of the Reform and Context of Rate Hike

The main task of the updated design is to maintain the attractiveness of hryvnia assets, ensure the stability of the currency market, and help curb inflation. The decision to modernize was announced simultaneously with the increase in the discount rate from 15% to 15.5% per annum.

The regulator explained this decision by the persistent strengthening of fundamental inflationary pressure and the need to maintain confidence in the national currency. Thus, Ukraine continues to adapt its financial instruments to the challenges of the times, striving for maximum transparency and effectiveness of monetary policy.