Stabilization of Ukraine's Economy
The economy of Ukraine shows signs of stabilization after a difficult first half of 2025, primarily due to the monetary policy measures of the National Bank of Ukraine. The slowdown in price growth began in June 2025, indicating positive changes in the country's financial system.
Combating Inflation
An important step in combating inflation was the increase in the key interest rate of the National Bank of Ukraine to 15.5% in March 2025. This measure, along with maintaining the rate at this level, contributed to reducing inflationary pressure. By the end of December 2025, inflation in Ukraine slowed down to 8%. Forecasts indicate a further decrease in inflation: to 6.6% in 2026 and to 5% in 2027.
Furthermore, there is a growth in term hryvnia deposits, which amounted to almost 20% over the year, and hryvnia government bonds (OVDP) grew by 67%. The net demand for foreign currency turned out to be nearly half of what it was in 2024, which also indicates a restoration of trust in the national currency.
'To curb inflation, we continued to raise the key interest rate in March 2025, and then kept it at 15.5%.' Andriy Pyshny, Chairman of the NBU
The stabilization of Ukraine's economy is an important step towards recovery after the economic challenges the country has faced in recent years. The reduction of inflation and the growth of trust in the national currency indicate the effectiveness of the NBU's actions and may positively influence the investment climate in Ukraine. The successful implementation of monetary policy could create conditions for stable economic growth in the future.