meta_id 3411355

On August 17, 2026, the National Bank of Ukraine (NBU) updated the list of benchmark domestic government debt securities that banks may use to partially meet reserve requirements. The NBU removed two securities from the benchmark bonds list following their scheduled redemption: ISIN UA4000228043 (redeemed July 22, 2026) and UA4000232607 (redeemed August 5, 2026). The NBU simultaneously added security UA4000239099, which the Ministry of Finance of Ukraine first placed on August 4, 2026. The updated list now comprises 20 securities issues. Banks may use benchmark bonds to satisfy up to 60 percent of their reserve requirements, a mechanism designed to increase the effectiveness of money market regulation while avoiding monetary financing of the state budget deficit. The NBU Board approved the amendments through Decision No. 245 on August 16, 2026, which amended NBU Board Decision No. 752 dated November 23, 2017. The changes took effect on August 17, 2026. This update aims to stimulate bank participation in Ministry of Finance auctions for domestic government debt securities, supporting budget financing without reliance on monetary financing. Reserve requirements operate by requiring banks to set aside funds in their correspondent accounts with the NBU, calculated as a percentage of bank liabilities and averaged over the reserve period. This mechanism smooths liquidity fluctuations while absorbing spare banking system liquidity. The ability to use benchmark bonds for partial reserve coverage enhances the effectiveness of the NBU's money market regulation tools. The complete updated benchmark bonds list includes ISINs: UA4000228381, UA4000228811, UA4000229116, UA4000232177, UA4000232615, UA4000232896, UA4000232912, UA4000233613, UA4000234140, UA4000234553, UA4000234934, UA4000235642, UA4000236418, UA4000236632, UA4000237564, UA4000238844, UA4000238984, UA4000239057, UA4000239073, and UA4000239099.