Ukrainians prefer foreign currency savings despite the interest growth rate on hryvnia deposits.

The yield on bank deposits has grown for the hryvnia in recent months. And in January, according to the NBU, hryvnia deposit interest rates rose by 0.1% up to 12.2% per annum. Foreign currency deposits were stable and offered 0.6% per annum. In January, the foreign currency deposit portfolio in the banking system increased by (2.6%) and amounted to $9.4B (UAH 342.5B). And the hryvnia portfolio decreased by 2% and amounted to UAH 581B. According to the National Bank of Ukraine, citing the profound economic impact of the war with Russia, since 2022 the hryvnia has devalued by 25%.