“The head of the National Bank of Ukraine, Andriy Pyshnyi, said that the slowdown in inflation from June 2025 was the result of the regulator’s purposeful policy, in particular keeping the discount rate at 15.5%, which supported the attractiveness of hryvnia savings”, — write: www.radiosvoboda.org
“In order to curb inflation, we continued to increase the discount rate in March 2025, and then kept it at 15.5%. As a result, hryvnia savings remained attractive, which limited the pressure on the hryvnia exchange rate and prices,” the head of the regulator insists.
Pyshnyi pointed out that public investments in hryvnia term deposits increased by almost 20% over the year, and in hryvnia government bonds – by 67%. The population’s net demand for currency was almost half of what it was in 2024.
According to Andrii Pyshnyi, the National Bank expects a further decrease in inflation.
“According to the State Statistics Service, inflation slowed down to 8% in December 2025. We expect this trend to continue. According to our October forecast, inflation will decrease to 6.6% in 2026 and to a target of 5% in 2027. Such values are close to the forecasts of most analysts,” the NBU head writes.
At the beginning of 2026, the national currency updated its lows against the US dollar several times. During the week, the hryvnia lost more than 2% against the American currency – from the level of 42.17 to 43.07. At the beginning of last year, the hryvnia also weakened, but in general, 2025 remained stable against the dollar.
