Ukrainians are massively withdrawing hryvnia from deposit accounts
26 February 19:08
Ukrainians are increasing foreign currency deposits and withdrawing hryvnia from banks. Such data was released on February 26 by the Deposit Guarantee Fund (DGF), "Komersant Ukrainian" reports.
As of February 1, 2025, the total amount of deposits of individuals (including entrepreneurs) in Ukrainian banks amounted to UAH 1,378.3 billion. Of the total deposits of Ukrainians, 64.1% (UAH 883.6 billion) were in hryvnia. And deposits in foreign currency, respectively, amounted to 35.9% (UAH 494.7 billion).
Thus, according to the DGF, in January 2025, the amount of hryvnia bank deposits of Ukrainians, including private entrepreneurs, decreased by UAH 15.9 billion and amounted to UAH 883.6 billion, while foreign currency deposits increased by UAH 2 billion in equivalent, reaching UAH 494.7 billion.
As of February 1, 2025, the share of individual entrepreneurs in the structure of depositors was 3.2%, and in the structure of the amount of deposits – 11.1%. Their deposits totaled UAH 152.7 billion. It should be noted that deposits of individual entrepreneurs are covered by the Deposit Guarantee Fund.
It is worth noting that as of January and February 2025, detailed statistics on the amount of deposits in hryvnia and foreign currency in Ukrainian banks were not published in open sources. However, according to the Banking Sector Review for February 2025 published by the National Bank of Ukraine, there is a downward trend in interest rates on business deposits. In particular, in December 2024, the average rate on business funds decreased to 8.3% per annum. This may indicate an expected further decline in inflationary pressures and interest rates.
