Ukrainians boosted their investments in hryvnia deposits and amassed a record amount of savings in May.

The funds placed by individuals in bank accounts in both hryvnia and foreign currency increased by 0.8% in May to reach a record ₴1.266T. According to the NBU, since the beginning of the year the volume of consumer bank deposits has increased by 4.4% from ₴1.212T.

Hryvnia consumer bank deposits increased by 1.4% in May, amounting to ₴835B. Meanwhile, the volume of consumer foreign currency deposits in hryvnia equivalent decreased by 0.4% to ₴431.3B. Deposits from legal entities (in hryvnia and foreign currency) fell by 1% in May to ₴1.485T.

The average interest rate on hryvnia deposits (monthly average) in the reporting month for legal entities increased by 0.2 percentage points to 9.9%, while for individuals it increased by 0.4 percentage points to 11%. The rate on foreign currency deposits was 0.7% for legal entities and 1% for individuals.

Notably, last year the volume of bank deposits from individuals increased by 12.6%.