Deposits and loans are becoming more expensive in Ukraine.
In March 2023, the average bank interest rates for new hryvnia deposits increased for the population and amounted to 11.4% per annum, 0.6% higher than a month earlier (10.8%). According to the NBU, rates on new deposits in foreign currency increased from 0.6% to 0.7%. Rates on hryvnia deposits for enterprises rose from 12.1% to 13.4% per annum, and on foreign currency fell from 0.6% to 0.3% per annum. The deposit portfolio of Ukrainian banks grew by 1.4% to UAH 1.976T.
As for new loans for the public in hryvnia, the average interest rates in March increased by 0.4% to 36.4% per annum. February’s interest rates for mortgages in foreign currency fell from 5.1% to 2.6% per annum. At the same time, rates for hryvnia loans for enterprises fell from 20.5% to 20.2% per annum, and for foreign currency loans increased from 5.5% to 6.2%. The credit portfolio of banks decreased by 1.3% to UAH 973B.