On the morning of Wednesday 21 October 2026, detectives of the National Anti-Corruption Bureau of Ukraine (NABU), under the procedural supervision of the Specialised Anti-Corruption Prosecutor's Office (SAP), carried out searches at the premises of the National Bank of Ukraine (NBU) and at the home of one of its employees. Both NABU and the NBU confirmed this in official statements.
According to NABU, no one has been detained and no one has been served a notice of suspicion. The NBU says it continues to work as normal.
This article separates what has been officially confirmed from what has not, and then covers the practical side: what the news does and does not change for the hryvnia, the 16% key rate, bank deposits and Ukraine's international financing. It is based on statements available as of about 14:30 Kyiv time on 21 October and will not be complete if new statements follow.
What NABU and the NBU said, with times
All times are Kyiv time, as published on the official Telegram channels.
- 09:26. MP Yaroslav Zheleznyak wrote on his Telegram channel that, according to his sources, NABU had come to the National Bank.
- 09:31. MP Oleksiy Honcharenko wrote that NABU and SAP were carrying out investigative actions in the office of the head of the National Bank and at other addresses.
- 09:41. Zheleznyak wrote that he could confirm investigative actions were taking place in the office of the head of the NBU.
- 10:40. NABU published its statement "in response to media requests": its detectives, under SAP's procedural supervision, are conducting searches at the premises of the National Bank of Ukraine and at the place of residence of one of the employees. "No person has been detained, no notice of suspicion has been served." The investigative actions "are authorised and carried out in accordance with the law". Other details are not disclosed to protect the secrecy of the pre-trial investigation.
- 10:46. The NBU published its statement: it "confirms the information about NABU investigative actions on the premises of the National Bank". Additional explanations will be provided after the procedural actions are completed. "The National Bank continues to work as normal."
At 12:32 the NBU published its regular quarterly bank lending survey on the same channel, as scheduled.
What is not known
The official statements do not say which criminal proceedings the searches relate to, what the subject of the investigation is, or which employee's home was searched. NABU did not confirm whose office was searched. The claims about the office of the NBU head come from the two MPs, not from NABU, SAP or the NBU.
Neither NABU nor SAP has named any person. In line with that, this article does not name anyone in connection with the investigation.
Presumption of innocence
A search is an investigative action authorised within a pre-trial investigation. It is not an accusation, not a notice of suspicion and not a court decision. NABU stated explicitly that no suspicion has been served and no one has been detained. Under the Constitution of Ukraine, a person is presumed innocent until guilt is proven in court and established by a court verdict. Any assessment of the case belongs to the investigation and, if it reaches that stage, to the High Anti-Corruption Court.
The hryvnia: what the official rate shows
The official NBU rate for Wednesday 21 October is UAH 45.0791 per dollar, according to bank.gov.ua. It was set on Tuesday afternoon, before the searches became public, so it does not reflect the news. The euro is at UAH 50.5301.
Over the past month the rate moved within a narrow band:
- 21 September: UAH 44.6743, the low of the period.
- 14 October: UAH 45.0802, the high.
- 21 October: UAH 45.0791, up about 0.9% in a month.
The hryvnia is held in this band by the NBU's interventions, not by sentiment. In September the NBU sold $5.45 billion on the FX market, according to its reserves release of 7 October. International reserves stood at $47.1 billion on 1 October, down 3.2% in September and enough to cover 4.0 months of future imports. Those reserves, not the news flow of a single day, set the limits of the managed flexibility regime.
In analyst Ruslan Averin's view, the number to watch is not today's rate but the volume of NBU sales over the next two weeks: if the regulator has to sell noticeably more than its recent weekly average to keep the rate near 45, that would be the first sign of nervous demand. Detailed reasoning on the exchange rate is in the dollar exchange rate forecast for Ukraine.
The 16% key rate and the 29 October decision
The NBU key rate is 16%, set on 17 September. The path in 2026: a cut to 15% on 29 January, three holds in March, April and June, a rise to 15.5% on 30 July and to 16% in September.
The next decision is scheduled for Thursday 29 October 2026, after Monetary Policy Committee consultations on 27–28 October, according to the NBU's published schedule. The October Inflation Report with the updated forecast follows on 5 November.
Monetary policy decisions are taken collectively by the NBU Board, eight times a year, according to a schedule published in advance. A search of the premises does not change that procedure. The NBU's statement says the institution is working as normal, and nothing in the official statements points to a change in the date of the meeting.
Deposits: what the guarantee covers
Deposits are obligations of commercial banks, not of the central bank, and they are guaranteed by a separate institution, the Deposit Guarantee Fund.
- During martial law: 100% of deposits of individuals are guaranteed, including accrued interest. This rule applies for the whole period of martial law and three months after it ends, under the law adopted by parliament on 1 April 2022.
- After that period: the maximum compensation becomes UAH 600,000 per depositor per bank.
The searches at the NBU do not change these rules. For savers, the more relevant question remains the real return: how hryvnia deposit rates compare with inflation and with the 16% key rate. The current bank offers are compared in deposit rates in Ukrainian banks.
The IMF programme and EU money
Ukraine's external financing depends on two anchors, and both put weight on governance.
- IMF: a four-year Extended Fund Facility of about $8.1 billion was approved on 26 February 2026. The first review was completed on 20 July, releasing about $690 million and taking total disbursements to around $2.2 billion, according to the NBU. The IMF directors "emphasized the importance of preserving the independence of the National Bank of Ukraine" and asked the authorities to strengthen governance and anti-corruption institutions.
- EU: after the European Council of 15–16 October, President António Costa said the leaders asked the Commission "to come forward with a proposal to address Ukraine's additional financing needs for 2027", as reported by Ukrainska Pravda. A Commission spokesperson put the 2027 gap at about €70 billion, which already takes into account the €45 billion the EU plans to provide next year under its €90 billion Ukraine Support Loan, according to Radio Svoboda.
The IMF review names both central bank independence and anti-corruption institutions among its priorities, which is why investors will read any further statements from Kyiv's partners closely. None of the official statements of 21 October mentions either programme.
What to watch next
- The NBU's promised explanation after the procedural actions end, and any further NABU or SAP statement.
- Weekly NBU FX sales and the official rate in the days after the news.
- The 29 October decision: whether it takes place as scheduled and what the Board says about the rate path.
- IMF and EU statements on governance in the coming weeks, and the Commission's proposal on the €70 billion gap.
Related: the dollar and the hryvnia in October 2026 and NBU interventions, the NBU decision of 17 September on deposits, OVDP and mortgages and Ukraine inflation in September 2026.