Ukrainians are building up hryvnia savings in bank accounts.

In July, the amount of funds in household hryvnia accounts temporarily decreased, but at the beginning of August, they recovered and continued to grow without affecting the banking system’s financial stability or liquidity, the NBU said.

As of August 9, the volume of hryvnia balances in consumer accounts exceeds by 0.7% (₴5.1B) the level at the beginning of July, by 7% (₴50B) the indicator at the beginning of the year, and by 80.9% (₴340.1B) the level at the beginning of the full-scale invasion.

According to the NBU, the July reduction in funds stems from seasonal expenses, power outages that forced the population to buy alternative energy sources, increased demand for foreign currency, and active investment in hryvnia high-yield bonds and foreign currency. In July, Ukrainians increased their investments by ₴5.2B, or 9%.

The National Bank summarized that the population continues to keep a significant share of their income in banks, which indicates a growing propensity to save and trust in the banking system.