NBU Determines Volumes of Deposit Certificates According to Bank Limits

The National Bank of Ukraine has established that the volumes of three-month deposit certificates will depend on the aggregate limit of banks for their acquisition. This is intended to support competition for the population's hryvnia deposits. The NBU noted that this approach will maintain the connection between the volumes of term hryvnia deposits and the banks' ability to invest funds in certificates. The mechanism will also enhance competition among banks for depositors and stimulate them to compete on interest rates in tenders. The ultimate goal is to maintain the attractiveness of hryvnia savings. The NBU plans to gradually increase the transparency of the parameters for placing certificates as its interest rate policy develops. The decision to disclose the principle for determining the placement volumes was made at the meeting of the Monetary Policy Committee on September 16. On July 30, the NBU announced the modernization of its interest rate policy aimed at activating the money market and forming reliable market benchmarks for the cost of money. The first stage of the changes came into effect on August 7, 2026, including changes to the mechanism for transactions with three-month deposit certificates. The NBU will gradually introduce further changes, considering the need to maintain tight monetary conditions to ensure price stability.