In March 2025, Ukrainians reduced their investments in banks, testifying to the National Bank of Ukraine. The total amount of deposits of individuals decreased by 0.3% and is 1.22 trillion UAH. The main decrease in hryvnia contributions, which decreased by 1.1% - to UAH 799.6 billion. Instead, currency deposits showed an increase of 1.4% - up to $ 10.2 billion.
Although the NBU does not detail the structure of foreign currency deposits, bankers note that the dollar continues to dominate, but the proportion of euro is gradually increasing. In particular, the share of the euro in foreign exchange transactions increased from 8-10% to 12-15%, while the dollar loses its position - its share decreased from 90-92% to 85-88%.
“Some of the hryvnia funds are not withdrawn from banks, but simply translated into foreign exchange accounts. In addition, devaluation moods have intensified among clients, especially against the backdrop of weak deposit rates and high inflation, ”explains the Treasury Director of one of the systemic banks.
Devaluation expectations and inflation reduce the attractiveness of hryvnia deposits
Despite the increase in the NBU discount rate in March from 14.5% to 15.5%, banks only slightly raised deposit rates. According to the NBU, the average nominal (before tax) deposit rates on deposits of individuals currently account for about 13% per annum, which is 2.5% less than the discount rate. Real income is even lower - after deduction of 18% of the personal income tax and 5% of military levy:
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for 3 months - 10.18% per annum;
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for 6 months - 10.24%;
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for 9 months - 9.59%;
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for 12 months - 10.08%.
At the same time, annual inflation, according to the State Statistics Service, reached 14.6%in March, which makes the real yield of hryvnia deposits negative.
Most of the funds are on the account of the question
The National Bank recognizes that only a third of the population is placed on fixed -term deposits. The rest - 65.9% - is in accounts, mainly in non -income card accounts. It also indicates that people try to maintain liquidity, waiting for instability or possible costs.
Against the background of further weakening of the hryvnia rate to the euro (the cash exchange rate has already reached 48 UAH/€), as well as low trust in the stability of the hryvnia, experts predict the maintenance of trend for the growth of foreign exchange deposits and the outflow of hryvnia.
