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.
According to NBU data, demand for three-month CDs amounted to about UAH 52.1 billion. Seventeen banks submitted 76 bids at rates ranging from 18.00% to 18.91%, of which the regulator accepted 39, with a maximum annual rate of 18.68%.
"The placement volume is UAH 10 billion higher than at the previous auction, but unmet demand increased to UAH 12.1 billion from UAH 7.1 billion, while the shortfall rose to 23% from 19% previously," Kyiv School of Economics (KSE) Senior Macroeconomist Mykhailo Rebryk wrote on Facebook.
The NBU's effective rate following the second tender fell by another 6 basis points, to 16.39%, Rebryk said.
As reported, starting August 7, 2026, the NBU changed the mechanism for placing three-month certificates of deposit: instead of fully satisfying banks' bids, the regulator conducts interest-rate tenders with an announced volume once every two weeks. This was the first stage in modernizing the operational framework of monetary policy.
As before, banks' ability to place funds in three-month CDs depends on their activity in the retail market for hryvnia term deposits, but the actual placement volume is determined by the outcome of the tender.
