The update describes the NBU's modernization of its operational framework for interest rate policy and money market development, which relates to central bank monetary operations and liquidity management rather than direct financial services regulation.
The certificate of deposit tender mechanism and interest rate framework are prudential tools used to manage systemic liquidity and monetary transmission, though this is a central bank operational decision rather than firm-level prudential regulation.
Product
This update concerns the NBU's monetary policy operational framework and interest rate tender mechanism for certificates of deposit, which is a central bank liquidity management tool rather than a retail financial product.
While certificates of deposit exist as retail products, this update addresses wholesale/institutional monetary policy operations by the central bank, not retail CDs offered to consumers.
Obligation
This update describes the NBU's monetary policy operational framework change for certificate-of-deposit tenders, which is a central bank liquidity management tool rather than a financial services firm obligation to retail customers or regulators.
While the NBU Board approved the changes through formal resolutions, this is a central bank policy decision affecting its own operations and market infrastructure, not a compliance obligation imposed on regulated financial services firms.
Activity
This update concerns the National Bank of Ukraine's monetary policy framework and interest rate tender mechanism for certificates of deposit, which is a central bank liquidity management tool rather than a retail financial services business activity.
While the update mentions interest rates on deposit instruments, it focuses on wholesale central bank operations and monetary policy transmission rather than retail customer-facing deposit-taking or fee administration.
Themes
This update concerns the National Bank of Ukraine's monetary policy operational framework and interest rate tender mechanisms for certificates of deposit, which falls outside the scope of retail financial services regulation covered by the FS Regulatory Themes taxonomy.
While the update touches on central bank liquidity management and monetary transmission, it does not address retail customer conduct, product governance, consumer protection, or other retail-focused regulatory themes that form the basis of this taxonomy.
Functions
This update concerns the National Bank of Ukraine's monetary policy operational framework and certificate-of-deposit tender mechanics, which does not directly impose obligations on retail financial services firms' internal functions.
While treasury functions may be affected by changes to money-market benchmarks and funding conditions, the update is primarily a central-bank policy announcement with indirect market implications rather than a direct regulatory obligation on firm operations.
2026-08-07 11:50:14·msolomon@vixio.com
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The NBU has determined that the interest rate on transactions to place three-month limited certificates of deposit, based on the results of an interest rate tender, must not exceed the key policy rate...
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TITLE: Ukraine's National Bank Sets Maximum Interest Rate for Three-Month Certificate of Deposit Tenders
BODY:
On August 6, 2026, the National Bank of Ukraine (NBU) announced that the maximum interest rate for transactions to place three-month limited certificates of deposit, determined through interest rate tenders, must not exceed the key policy rate plus 3.5 percentage points. The actual interest rate will be determined based on tender results.
This change forms part of the NBU's modernization of its operational framework for interest rate policy, announced on July 30, 2026. The strategic objective is to stimulate the money market and develop reliable market benchmarks for pricing. The NBU Board approved the changes through Board Decision No. 232 On Setting the Rate on Transactions to Place Limited Certificates of Deposit of the National Bank of Ukraine and Board Resolution No. 86 On Amendments to NBU Board Resolution No. 22, both dated August 5, 2026. Both documents entered into force on August 6, 2026.
Effective August 7, 2026, the NBU replaced its previous mechanism of satisfying banks' bids in full with interest rate tenders conducted once every two weeks with a pre-announced placement volume. The first interest rate tender under this new mechanism was held on August 7, 2026. The NBU will publish announcements regarding tender volumes on its official website the day preceding each tender, with results published after completion. The modernization aims to strengthen the NBU's ability to maintain price stability by enhancing the effectiveness of monetary transmission. The NBU will implement subsequent transformation steps gradually and communicate them following relevant decisions, taking into account the need to maintain appropriately tight monetary conditions while preserving incentives for banks to compete for depositors.
NBU Sets Maximum Interest Rate for Interest Rate Tenders to Place Three-Month Certificates of Deposit NBU Sets Maximum Interest Rate for Interest Rate Tenders to Place Three-Month Certificates of Deposit 6 Aug 2026 10:00 The NBU has determined that the interest rate on transactions to place three-month limited certificates of deposit, based on the results of an interest rate tender, must not exceed the key policy rate + 3.5 pp. The actual interest rate will be determined based on the results of the respective tenders. As previously reported , effective 7 August 2026, the NBU is changing the mechanism for conducting transactions to place three-month limited certificates of deposit. Instead of satisfying banks’ bids in full, the NBU will conduct interest rate tenders with a pre-announced placement volume for this instrument once every two weeks. The first interest rate tender to place three-month certificates of deposit will be held on 7 August. Announcements regarding the tender volumes will be published on the NBU’s official website on the day preceding the tender, while the tender results will be published after its completion. The changes were approved by: NBU Board Decision No. 232 On Setting the Rate on Transactions to Place Limited Certificates of Deposit of the National Bank of Ukraine dated 5 August 2026 NBU Board Resolution No. 86 On Amendments to NBU Board Resolution No. 22 dated 24 February 2022 dated 5 August 2026 . Both documents entered into force on 6 August 2026. For reference On 30 July 2026, the NBU announced the launch of the modernization of the operational framework for its interest rate policy. The strategic objective of this modernization is to stimulate the money market and foster the development of reliable market benchmarks for pricing. As a result, the changes will strengthen the NBU’s ability to fulfil the primary objective of monetary policy – maintaining price stability – by enhancing the effectiveness of monetary transmission. As part of the first stage of the transformation, which will take effect on 7 August 2026, the mechanism for conducting transactions involving three-month limited certificates of deposit will be changed. The NBU will implement the subsequent steps gradually and will communicate them following the adoption of the relevant decisions. They will take into account the need to maintain appropriately tight monetary conditions to ensure price stability, while also preserving incentives for banks to compete for depositors. Tags: Tags: monetary policy Поділитися: Поділитися: Theme news Inflation Will Accelerate in H2, but Will Begin to Decline Again Next Year – Inflation Report 6 Aug 2026 23:55 Speech by NBU Governor Andriy Pyshnyy at Press Briefing on Monetary Policy Decisions 30 Jul 2026 14:10 NBU Raises Key Policy Rate to 15.5% 30 Jul 2026 14:00 All news Subscribe for notifications Subscribe to news alerts