Schedule of Meetings and Key Publications on Monetary Policy

2024

Meeting of the Monetary Policy Committee	Meeting of the NBU Board on Monetary Policy	Decision of the NBU Board on the Key Policy Rate	Speech at a press briefing	Video of press briefing (UKR)	Inflation Report	Summaries of the Discussion on the Key Policy Rate at the Monetary Policy Committee
23-24 January	25 January	To Keep the Key Policy Rate at 15%	Speech by NBU Governor Andriy Pyshnyy	25 January	01 February	05 February
12-13 March	14 March	To Cut the Key Policy Rate to 14,5%	Speech by NBU Governor Andriy Pyshnyy	14 March		25 March
23-24 April	25 April	To Cut the Key Policy Rate to 13,5%	Speech by NBU Governor Andriy Pyshnyy	25 April	02 May	06 May
11-12 June	13 June	To Cut the Key Policy Rate to 13%	Speech by NBU Governor Andriy Pyshnyy	13 June		24 June
23-24 July	25 July	To Keep the Key Policy Rate at 13%	Speech by NBU Governor Andriy Pyshnyy	25 July	01 August	05 August
17-18 September	19 September	To Keep the Key Policy Rate at 13%	Speech by NBU Governor Andriy Pyshnyy	19 September		30 September
29-30 October	31 October	To Keep the Key Policy Rate at 13%	Speech by NBU Governor Andriy Pyshnyy	31 October	07 November	11 November
10-11 December	12 December	To Raise the Key Policy Rate to 13,5%	Speech by NBU Governor Andriy Pyshnyy	12 December		23 December

The NBU maintains a so-called 7-day silence period on monetary policy (also called a quiet period) before making and unveiling a monetary policy decision. This period begins on the last Thursday that precedes the Board’s monetary policy meeting, and ends at 2 p.m. on the day of the meeting, at the same time that the Board makes public its monetary policy move on the NBU’s official website.The Governor of the National Bank of Ukraine announces a monetary policy decision made by the Board at a press briefing at 2 p.m., two hours after the Board meeting on monetary policy ends.

During this period, the NBU Board members and other members of the Monetary Policy Committee, along with the rest of NBU employees, must not discuss monetary policy issues with mass media, banks, experts, investors, and other stakeholders – whether on or off record. The silence period also implies that mass media may not publish NBU representatives’ interviews, comments, or other public materials that were prepared before the silence period went into effect but that contain statements pertaining to monetary policy.

The silence period, which is common practice among inflation-targeting central banks, is intended to prevent public speculations around an upcoming monetary policy decision of the NBU, as they may have an ambiguous effect on the expectations of financial market participants, increase uncertainty, and trigger excessive market volatility.

2025

Meeting of the Monetary Policy Committee	Meeting of the NBU Board on Monetary Policy	Speech at a press briefing	Inflation Report	Summaries of the Discussion on the Key Policy Rate at the Monetary Policy Committee
21-22 January	23 January	Speech by NBU Governor Andriy Pyshnyy	30 January	03 February
05-06 March	06 March	Speech by NBU Governor Andriy Pyshnyy		17 March
15-16 April	17 April	Speech by NBU Governor Andriy Pyshnyy	24 April	28 April
03-04 June	05 June	Speech by NBU Governor Andriy Pyshnyy		16 June
22-23 July	24 July	Speech by NBU Governor Andriy Pyshnyy	31 July	04 August
09-10 September	11 September	Speech by NBU Governor Andriy Pyshnyy		22 September
21-22 October	23 October	Speech by NBU Governor Andriy Pyshnyy	30 October	03 November
09-10 December	11 December			22 December

2023

Meeting of the Monetary Policy Committee	Meeting of the NBU Board on Monetary Policy	Decision of the NBU Board on the Key Policy Rate	Summaries of the Discussion on the Key Policy Rate at the Monetary Policy Committee	Speech at a press briefing	Video of press briefing (UKR)
24-25 January	26 January	To Keep the Key Policy Rate at 25%	6 February	Speech by NBU Governor Andriy Pyshnyy	26 January
15 March	16 March	To Keep the Key Policy Rate at 25%	27 March	Speech by NBU Governor Andriy Pyshnyy	16 March
25-26 April	27 April	To Keep the Key Policy Rate at 25%	8 May	Speech by NBU Governor Andriy Pyshnyy	27 April
14 June	15 June	To Keep the Key Policy Rate at 25%	26 June	Speech by NBU Governor Andriy Pyshnyy	15 June
25-26 July	27 July	To Cut the Key Policy Rate to 22%	7 August	Speech by NBU Governor Andriy Pyshnyy	27 July
13 September	14 September	To Cut the Key Policy Rate to 20%	25 September	Speech by NBU Governor Andriy Pyshnyy	14 September
24-25 October	26 October	To Cut the Key Policy Rate to 16%	6 November	Speech by NBU Governor Andriy Pyshnyy	26 October
13 December	14 December	To Cut the Key Policy Rate to 15%	25 December	Speech by NBU Governor Andriy Pyshnyy	14 December

2022

Meeting of the Monetary Policy Committee	Meeting of the NBU Board on Monetary Policy Issues	Decision of the NBU Board on the Key Policy Rate	Summaries of the Discussion on the Key Policy Rate at the Monetary Policy Committee	Speech at a press briefing	Video of press briefing (UKR)
18-19 January	20 January	To Raise the Key Policy Rate to 10%	31 January	Speech by NBU Governor Kyrylo Shevchenko	20 January
2 March	3 March	To Keep the Key Policy Rate at 10%	14 March	Address by NBU Governor Kyrylo Shevchenko	3 March
12-13 April	14 April	To Keep the Key Policy Rate at 10%	26 April	Speech by NBU Governor Kyrylo Shevchenko	14 April
1 June	2 June	To Raise the Key Policy Rate to 25%	13 June	Speech by NBU Governor Kyrylo Shevchenko	2 June
19-20 July	21 July	To Keep the Key Policy Rate at 25%	1 August	Speech by NBU Governor Kyrylo Shevchenko	21 July
7 September	8 September	To Keep the Key Policy Rate at 25%	19 September	Speech by NBU Deputy Governor Sergiy Nikolaychuk	8 September
18-19 October	20 October	To Keep the Key Policy Rate at 25%	31 November	Speech by NBU Governor Andriy Pyshnyy	20 October
7 December	8 December	To Keep the Key Policy Rate at 25%	19 December	Speech by NBU Governor Andriy Pyshnyy	8 December

2021

Meeting of the Monetary Policy Committee	Meeting of the NBU Board on Monetary Policy Issues	Decision of the NBU Board on the Key Policy Rate	Summaries of the Discussion on the Key Policy Rate at the Monetary Policy Committee	Speech at a press briefing	Video of press briefing (UKR)
19-20 January	21 January	To Keep the Key Policy Rate at 6.0%	1 February	Speech by NBU Governor Kyrylo Shevchenko	21 January
3 March	4 March	To Raise the Key Policy Rate to 6.5%	15 March	Speech by NBU Deputy Governor Yurii Heletii	4 March
13-14 April	15 April	To Raise the Key Policy Rate to 7.5%	26 April	Speech by NBU Governor Kyrylo Shevchenko	15 April
16 June	17 June	To Keep the Key Policy Rate at 7.5%	29 June	Speech by NBU Governor Kyrylo Shevchenko	17 June
20-21 July	22 July	To Raise the Key Policy Rate to 8%	2 August	Speech by NBU Governor Kyrylo Shevchenko	22 July
8 September	9 September	To Raise the Key Policy Rate to 8.5%	20 September	Speech by NBU Governor Kyrylo Shevchenko	9 September
19-20 October	21 October	To Keep the Key Policy Rate at 8.5%	1 November	Speech by NBU Governor Kyrylo Shevchenko	21 October
8 December	9 December	To Raise the Key Policy Rate to 9%	20 December	Speech by NBU Deputy Governor Sergiy Nikolaychuk	9 December

2020

Meeting of the Monetary Policy Committee	Meeting of the NBU Board on Monetary Policy	Decision of the NBU Board on the Key Policy Rate	Summaries of the Discussion on the Key Policy Rate at the Monetary Policy Committee	Speech at a press briefing	Video of press briefing (UKR)
28-29 January	30 January	To cuts the Key Policy Rate to 11.0%	10 February	Speech by NBU Governor Yakiv Smolii	30 January
11 March	12 March	To cuts the Key Policy Rate to 10.0%	23 March	Speech by NBU Governor Yakiv Smolii	12 M arch
21-22 April	23 April	To cuts the Key Policy Rate to 8.0%	4 May	Speech by NBU Governor Yakiv Smolii	23 April
10 June	11 June	To cuts the Key Policy Rate to 6.0%	22 June	Speech by NBU Governor Yakiv Smolii	11 June
21-22 July	22 July	To Keep the Key Policy Rate at 6.0%	3 August	Speech by NBU Governor Kyrylo Shevchenko	23 July
2 September	3 September	To Keep the Key Policy Rate at 6.0%	14 September	Speech by NBU Governor Kyrylo Shevchenko	3 September
20-21 October	22 October	To Keep the Key Policy Rate at 6.0%	2 November	Speech by NBU Governor Kyrylo Shevchenko	22 October
9 December	10 December	To Keep the Key Policy Rate at 6.0%	21 December	Speech by NBU Governor Kyrylo Shevchenko	10 December

2019

Meeting of the Monetary Policy Committee	Meeting of the NBU Board on Monetary Policy Issues	Decision of the NBU Board on the Key Policy Rate	Summaries of the Discussion on the Key Policy Rate at the Monetary Policy Committee	Speech at a press briefing	Video of press briefing
29-30 January	31 January	To Keep the Key Policy Rate at 18%	11 February	Speech by NBU Acting Governor Kateryna Rozhkova	31 January
13 March	14 March	To Keep the Key Policy Rate at 18%	25 March	Speech by NBU Governor Yakiv Smolii	14 March
23-24 April	25 April	To Cut the Key Policy Rate to 17.5%	6 May	Speech by NBU Governor Yakiv Smolii	25 April
5 June	6 June	To Keep the Key Policy Rate at 17.5%	18 June	Speech by NBU Governor Yakiv Smolii	6 June
16-17 July	18 July	To Cut the Key Policy Rate to 17.0%	29 July	Speech by NBU Governor Yakiv Smolii	18 July
4 September	5 September	To Cut the Key Policy Rate to 16.5%	16 September	Speech by NBU Governor Yakiv Smolii	5 September
22-23 October	24 October	To Cut the Key Policy Rate to 15.5%	4 October	Speech by NBU Governor Yakiv Smolii	24 October
11 December	12 December	To Cut the Key Policy Rate to 13.5%	23 December	Speech by NBU Governor Yakiv Smolii	12 December

2018

Meeting of the Monetary Policy Committee	Meeting of the NBU Board on Monetary Policy Issues	Decision of the NBU Board on the Key Policy Rate	Summaries of the Discussion on the Key Policy Rate at the Monetary Policy Committee	Speech at a press briefing	Video of press briefing
23-24 January	25 January	To Raise the Key Policy Rate to 16%	5 February	Speech by NBU Acting Governor Yakiv Smolii	25 January
28 February	01 March	To Raise the Key Policy Rate to 17%	12 March	Speech by NBU Acting Governor Yakiv Smolii	01 March
10-11 April	12 April	To Keep the Key Policy Rate at 17%	23 April	Speech by NBU Deputy Governor Dmytro Sologub	12 April
23 May	24 May	To Keep the Key Policy Rate at 17%	4 June	Speech by NBU Governor Yakiv Smolii	24 May
10-11 July	12 July	To Raise the Key Policy Rate to 17,5%	23 July	Speech by NBU Governor Yakiv Smolii	12 July
05 September	06 September	To Raise the Key Policy Rate to 18,0%	17 September	Speech by NBU Governor Yakiv Smolii	06 September
23-24 October	25 October	To Keep the Key Policy Rate at 18%	5 November	Speech by NBU Governor Yakiv Smolii	25 October
12 December	13 December	To Keep the Key Policy Rate at 18%	26 December	Speech by NBU Governor Yakiv Smolii	13 December

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