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Interest rates on deposits in Ukraine are increasing.

Interest rates on deposits in Ukraine are increasing.

Interest rates on deposits

In May, bank’s average interest rates on new hryvnia consumer deposits grew to 11.9% per annum from a month-earlier rate of 11.6%. According to the National Bank, rates for new deposits for the public in foreign currency increased from 0.8 to 0.9%. As for enterprises, hryvnia deposit rates fell from 11.4% to 10.8% per annum, and currency deposits increased from 0.4% to 0.7% per annum.

Bank’s deposit portfolios increased by 1.7% to UAH 2.06T in May. At the same time, citizens increased investments in hryvnias by 2% and reduced foreign currency deposits by 3.5%.

Since last summer, the NBU has been increasing the attractiveness of hryvnia deposits. As a result, most banks offer a 15-20% rate per annum for deposits in national currency for three months and longer. Such profitability allows depositors to protect their savings from inflationary depreciation.

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