The average interest rates of banks on new hryvnia deposits for the population in July 2024 amounted to 10.7% per annum, which is 0.1 percentage points higher. lower than a month ago.
Rates on new deposits for the population in foreign currency increased to 1.1%.
Interest rates on hryvnia deposits slightly exceed the level of expected inflation, which, according to the forecasts of the government and the NBU, will be about 8-9% by the end of the year.
Interest rates on foreign currency deposits remain at a minimum level. Since the beginning of the year, the dollar exchange rate has increased by 8%, which practically eliminated the difference in rates between hryvnia and foreign currency deposits.
The deposit portfolio of banks for households decreased by 0.3% in July to 1.139 trillion hryvnias, but exceeds the level at the beginning of the year (1.078 trillion hryvnias).
Rates and inflation
As a reminder, the NBU left the discount rate at 13.0% in July. It depends on the rate on deposit certificates, by which banks place funds with the NBU, raised from the public. Since April, the NBU has kept the rate on three-month deposit certificates up to 16.5%. At the same time, rates at this time continued to decrease.
As of June 1, 2024, 63 banks were operating in Ukraine. The largest amount of public funds was held by the state-owned PrivatBank – 405.7 billion hryvnias and Oschadbank – 192.7 billion hryvnias. More than a third of the population’s deposits (35.6%) were in dollars and euros.
