According to the NBU, the national currency’s average interest rates on new consumer loans in January 2024 amounted to 34.6% per annum. The hryvnia’s nominated loan rates increased by 0.9 percentage points. Instead, interest rates on new household loans in foreign currency fell from 6.4% to 5% per annum. Banks’ household lending portfolios increased by 2.1% to ₴227B.
Average deposit rates for families at the beginning of the year fell from 8.6% to 8.5%. Bank rates on new hryvnia deposits for the public amounted to 11.7% per annum. Interest rates on new deposits for the public in foreign currency remained at 1%. The deposit portfolio of retail banks decreased by 2.5% to ₴1.051T.
As a reminder, the NBU began a cycle of lowering the key policy rate from 25% to 15% last year.