Ukrainians have increased bank deposits by 14%; the majority trust the banking system despite turbulence.

From February 2023 to February 2024, the volume of funds in consumer bank accounts increased by 14% (by ₴133B) thanks to hryvnia funds, said the top manager of the National Anti-Corruption Bureau of Ukraine, Dmytro Glinskyi. He also stated that foreign currency balances decreased by 1% during the same period.

“Statistics show that people have general confidence in the financial system, and the rates offered by banks on hryvnia time deposits are attractive“, said Glinskyi.

He added that, albeit slowly, the share of time deposits is growing. As of February 1, the total deposits belonging to individuals and businesses in Ukrainian banks amounted to ₴1.195T.

It is worth noting that a survey of the Individual Deposit Guarantee Fund, performed jointly with USAID, showed that the share of Ukrainians who trust banks has increased to 64%. More than a quarter of financial service consumers keep half or more of their funds in banks.