The official dollar exchange rate has risen by 8.4% since the beginning of the year, while the yield on hryvnia deposits after taxes often fails to cover these changes. Banks are not currently rushing to raise interest rates on deposits, despite shifts in the NBU key policy rate. This was reported by Minfin citing Telegraf, according to the portal PromPolitInform.
As of October 28, 2026, the official dollar exchange rate set by the National Bank of Ukraine reached 45.6 UAH. Compared to the beginning of the current year, when the currency cost 42.35 UAH, the hryvnia has depreciated by 8.4%. Given these indicators, it is important for depositors to consider not only the nominal rate specified in the contract but also the actual ability to preserve funds in dollar terms.
Actual yield of bank savings
When assessing the income from hryvnia deposits, one must take into account the tax burden: an 18% personal income tax and a 5% military levy. Additionally, commissions for cash withdrawals affect the final sum. In some cases, according to analyst estimates, the real return on deposits is valued at 6.7–7.9% per annum, which does not exceed the devaluation rate of the national currency.
Why banks are not raising rates
Oleksandr Parashchiy, Head of the Analytical Department at Concorde Capital, explains the banks’ passivity in reviewing deposit programs by their excessive liquidity. Financial institutions have sufficient resources and therefore do not feel an urgent need to attract additional funds from the population through rate hikes. Furthermore, banks actively use NBU deposit certificates, the yields of which are often higher than offers for individuals.
Impact of NBU monetary policy
Financial analyst at the investment group ICU Mykhailo Demkiv notes that banks are cautious about attracting expensive long-term resources, expecting a potential future reduction in the key policy rate. At the same time, experts suggest that the regulator may raise the indicator at the meeting on October 29, 2026, from 16% to 16.5% per annum. Such a decision could strengthen the attractiveness of hryvnia instruments amidst intensifying inflationary processes.
Investment alternatives
To diversify savings, depositors are considering the purchase of Internal Government Loan Bonds (OVDP), the yield of which can reach 16.5–17.05% for hryvnia-denominated papers. The advantage of OVDP is the absence of income taxation, unlike traditional bank deposits. However, this instrument requires careful planning regarding maturity dates and transaction service costs.
Photo: Minfin
