Ukraine's National Bank 3-month deposit certificate yield drops 0.12 pp at second tender
At its second tender for the placement of three-month certificates of deposit (CDs) under the new operational framework, the National Bank of Ukraine (NBU) placed the offered UAH 40 billion at a weighted average annual rate of 18.59%, compared with 18.71% at the inaugural tender.
The National Bank of Ukraine's latest tender for three-month certificates of deposit saw a modest dip in the yield, falling by 0.12 percentage points to 18.59% in the second round. Initially, the bank had targeted UAH 40 billion, but demand amounted to around UAH 52.1 billion, with 17 banks submitting 76 bids at rates ranging from 18.00% to 18.91%.
The regulator accepted 39 bids, with the highest rate reaching 18.68%. This second tender resulted in a UAH 10 billion increase in placement volume compared to the previous auction, yet unmet demand surged to UAH 12.1 billion, up from UAH 7.1 billion, while the shortfall widened to 23%, from 19% previously. Kyiv School of Economics Senior Macroeconomist Mykhailo Rebryk noted on Facebook that the NBU's effective rate following the second tender declined by another 6 basis points to 16.39%.
The NBU altered its mechanism for placing three-month CDs on August 7, 2026, shifting to interest-rate tenders with an announced volume once every two weeks, marking the first step in modernizing the monetary policy operational framework. Banks' capacity to place funds in three-month CDs remains tied to their performance in the retail market for hryvnia term deposits, though the actual placement volume is dictated by the outcome of the tender.
Written by urgent.news from Interfax-Ukraine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
