NBU Confirms Inflation Target of 5% and Flexibility of Hryvnia

The Council of the National Bank of Ukraine has confirmed the Fundamentals of Monetary Policy for the medium-term perspective, approved in September 2024. The document remains the main indicator for the regulator, defining the goals and objectives of monetary activity. The NBU notes that the mechanisms allow for balancing between stimulating economic recovery and controlling inflation. The main principles of the NBU's policy include: flexible inflation targeting with a goal of 5% over a three-year horizon; the use of comprehensive tools, including the discount rate and currency restrictions; managing exchange rate flexibility to ensure stability in the currency market; encouraging financial institutions to maintain real interest rates on deposits; supporting the economy through the implementation of the Credit Development Strategy and coordination with the government. As of August 1, 2026, the level of non-performing loans in the banking system stood at 12.1%, down 1.8 percentage points since the beginning of the year.

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