The National Bank of Ukraine has clarified that volumes of three-month certificates of deposit offered through interest rate tenders are determined with reference to the aggregate limit on banks’ purchases of the instruments. Changes in that limit affect placement volumes, supporting competition among banks for depositors and the attractiveness of hryvnia savings. The approach links banks’ acceptance of hryvnia term deposits from households to their capacity to invest in three-month certificates of deposit. It is also intended to increase price competition among banks in the tenders. The central bank plans to provide greater transparency on placement parameters as it continues to modernize its interest rate policy framework, a process launched in July 2026 with initial changes taking effect on Aug. 7, 2026.
National Bank of Ukraine clarifies volume-setting principle for three-month certificates of deposit
The National Bank of Ukraine has clarified that three-month certificate of deposit placement volumes reflect the aggregate limit on banks’ purchases of the instruments. The approach links access to the certificates with banks’ acceptance of household hryvnia term deposits and is intended to strengthen competition for depositors and in interest rate tenders.