Deposit rates in Ukraine have increased to 15-20%.

Market rates have been affected by the NBU’s June decision to increase the discount rate to 25%, and at some banks, deposit rates have reached 15-20%. The NBU also has noted an increase in the yields of hryvnia government bonds. According to the NBU, Ukraine government bonds with a maturity of one year or longer are being traded on the secondary market with a yield above 20%. At the same time, the regulator notes that despite the increase, the yield on deposits and military government bonds remains significantly lower than the level of current and expected inflation. As a result, bank deposit rates have only now compensated for the decline of the first months of the war and only slightly exceed the pre-war level. At the same time, low rates at primary auctions for placing hryvnia government bonds do not encourage banks to raise deposit rates.