Ukrainians are investing in bank deposits and dollar-denominated government bonds.

According to the first quarter’s results, the volume of hryvnia funds in individuals’ accounts increased by 0.6%. The NBU reports that this positive trend has continued for the seventh consecutive month. In the corporate sector, the situation is somewhat more complex: As of the end of March, the total volume of hryvnia funds among legal entities was 0.6% lower than at the beginning of the year. By early April, the total amount of hryvnia funds held by clients in banks reached ₴1.9T, which is 100% more than at the onset of the full-scale war in 2022.

The NBU also observed that starting April 9, the volume of dollar-denominated domestic government bonds (DGBLs) held by individuals began to surpass that held by banks. As of the morning of April 10, retail investors owned $978M in dollar-denominated DGBLs. Since the start of the year, Ukrainians have increased their investments in dollar-denominated government bonds by 15%. The population’s share in these securities has risen from 29.5% to 37%. In contrast, the volume of DBGLs held by banks has decreased from $2.4B at the beginning of 2022 to $950M in 2025. Since the start of the year, their volume has fallen by 24%.