2025

The NBU Board makes decisions on the key policy rate and other monetary tools eight times a year, in line with a schedule published in advance. At its regular meetings in January, April, July, and October, the NBU takes decisions based on the latest macroeconomic forecast, the full version of which is published quarterly in the central bank’s inflation reports. At the remaining four meetings (in March, June, September, and December), the NBU Board makes its decisions based on assessments of risks and uncertainly, taking into account new information about domestic and foreign events that have occurred since the latest forecast. If necessary, the NBU Board may convene extraordinary meetings on monetary policy issues in addition to regular meetings.

Monetary decisions are preliminarily discussed at regular (and, if required, extraordinary) meetings of the Monetary Policy Committee (MPC), which is an advisory collegial body. The MPC does not make decisions or provide recommendations, but rather exchanges information and views, and ensures there is an in-depth and detailed discussion of monetary issues before they are submitted to the NBU Board for consideration. The MPC comprises the NBU Governor, other NBU Board members, and the directors of the following four departments: Monetary Policy and Economic Analysis, Open Market Operations, Financial Stability, and the Statistics and Reporting Departments.

The key policy rate decision is always announced at a press briefing on Thursday at 2 p.m. immediately after the relevant monetary policy meeting of the NBU Board. A press release that reflects the NBU’s consensus perspective on its decisions is published at the same time.

On the 11th day after the decision is made, the NBU publishes a summary of the discussion by Monetary Policy Committee members. The summary shows the depersonalized opinions of all MPC members on the optimal monetary policy decisions to be made. It also includes differences of opinion and the reasoning behind them.

Archive 2015-2017