Since the onset of the full-scale invasion, Ukrainians have doubled the hryvnia in their bank accounts.

Ukraine’s banking system is boosting its liquidity reserve – the total number of hryvnia in consumer accounts rose by 2.3% in February, according to the NBU. Hryvnia held in business accounts also saw a 2.3% increase in February. By early March, the total value of hryvnia held by customers in banks reached ₴1.9T, reflecting a 100% rise since the start of the full-scale invasion.

“These are crucial resources for stimulating investment and lending by banks, which will further aid in Ukraine’s economic recovery and strengthen its defense capabilities,” the NBU noted.

Meanwhile, bankers anticipate a gradual rise in deposit rates in Ukraine, driven by deposit trends and banks’ internal management strategies. For instance, Piraeus Bank expects a measured market reaction in the upcoming weeks: Banks will likely offer “slight rate increases” mainly for short- and medium-term deposits. Various estimates suggest that the yield on hryvnia-denominated term deposits could rise by 1-3%.