Ukraine's Central Bank / REUTERS

The cut would not be as steep as January's 2.5 percentage points due to a delay in the approval of a new loan program from the International Monetary Fund, the majority of the poll respondents said, according to Reuters.

Read alsoUkraine's central bank may significantly reduce key rate in March – PM

"The rate reduction will be more restrained (in coming months) if the situation with the spread of the coronavirus and the signing of a new program of cooperation with the IMF continues to develop according to a pessimistic scenario," said analysts of Raiffeisen Bank Aval.

Nine out of 16 analysts forecast a rate cut to 10% at the next rate-setting meeting on March 12. Three see a reduction to 10.5%; one person expects 9.5% while the other three respondents believe the rate will remain unchanged.