Maintaining the discount rate at 15.5% in the second quarter of 2025 supported high yields from hryvnia instruments and encouraged demand from the public. At the same time, this did not hinder the active growth of loans to businesses and individuals, according to the NBU. It’s noted that the high yield of hryvnia instruments helped boost savings: The volume of hryvnia deposits by individuals over the three months rose by 6.6% in the second quarter (+₴17.4B). Additionally, the introduction of three-month certificates of deposit intensified competition among banks for depositors. Domestic government bonds (OVDP) became an even more attractive savings option, as their real yield due to the lack of taxation is higher than that of deposits. As a result, the portfolio of hryvnia government bonds owned by individuals increased by 15% (+₴6.7B) during the quarter, owing to their high returns, which are averaging 16%. Meanwhile, commercial lending did not slow. Rates on new business loans increased slightly and stayed at previous levels. Consequently, the total volume of hryvnia loans to companies grew by 4.9% during the quarter, with an annual growth rate approaching 30%. Lending to the population also showed steady growth – by 7% each quarter – mainly driven by consumer loans.