The National Bank of Ukraine has updated the list of benchmark domestic government debt securities that banks can use to partially meet reserve requirements, effective 14 January 2026. The NBU removed ISIN UA4000227201 after its scheduled redemption was completed on 5 November 2025 and added ISIN UA4000238844, first placed by the Ministry of Finance of Ukraine on 6 January 2026. Banks can use securities on the benchmark list to meet up to 60% of reserve requirements, and the updated list now contains 19 issues. The NBU linked the change to encouraging banks’ participation in Ministry of Finance auctions for domestic government debt securities as part of financing the state budget without monetary financing, and noted the list is compiled based on Ministry of Finance proposals and approved through an NBU Board decision.
National Bank of Ukraine 2026-01-15
National Bank of Ukraine swaps benchmark domestic government bonds eligible for covering reserve requirements
The National Bank of Ukraine updated its list of benchmark domestic government debt securities for reserve requirements, effective 14 January 2026, removing ISIN UA4000227201 and adding ISIN UA4000238844. This change, allowing banks to meet up to 60% of reserve requirements with these securities, aims to boost participation in Ministry of Finance auctions to finance the state budget without monetary financing.