TITLE: Ukraine's National Bank Expands Benchmark Domestic Government Debt Securities for Reserve Requirements
BODY:
On July 15, 2026, the National Bank of Ukraine (NBU) announced an expansion of the list of benchmark domestic government debt securities that banks may use to partially meet reserve requirements. Effective July 16, 2026, the NBU added one new security (ISIN UA4000239073) to the benchmark bonds list, bringing the total number of eligible securities to 21 issues. The new security was first placed by Ukraine's Ministry of Finance on July 7, 2026.
Banks may use benchmark bonds to satisfy up to 60 percent of their reserve requirements. The NBU compiles the benchmark bonds list based on proposals from the Ministry of Finance. This expansion aims to stimulate bank participation in Ministry of Finance auctions for placing domestic government debt securities, supporting state budget financing without reliance on monetary financing. The complete list of 21 eligible securities now includes: UA4000228043, UA4000228381, UA4000228811, UA4000229116, UA4000232177, UA4000232607, UA4000232615, UA4000232896, UA4000232912, UA4000233613, UA4000234140, UA4000234553, UA4000234934, UA4000235642, UA4000236418, UA4000236632, UA4000237564, UA4000238844, UA4000238984, UA4000239057, and UA4000239073.
The NBU Board approved this expansion through Decision No. 212 on Amendments to NBU Board Decision No. 752 (dated November 23, 2017) on September 15, 2026, with an effective date of September 16, 2026. Reserve requirements allow central banks to manage liquidity by requiring banks to maintain specified percentages of liabilities in correspondent accounts. Permitting benchmark bonds to count toward reserve requirements enhances money market regulation effectiveness while preventing monetary financing of budget deficits.
REFERENCES:
National Bank of Ukraine official announcement, July 15, 2026