The average rate of new hryvnia deposits for households in December was 10.6% per annum, which is by 0.6 percentage points (p.p.) higher than in November and by 4.9 p.p. than in May, when the historical minimum was reached.
According to the information from the National Bank of Ukraine (NBU) on its website, the rate on deposits in the national currency increased by 3.5 p.p. over 2022.
At the same time, the rate on loans in hryvnia to households in December remained at the level of November – 35.1% per annum, and for the year its growth was only 1.4 percentage points.
The rate on foreign currency deposits, which reached a historical low of 0.4% per annum in April, decreased from 0.7% to 0.6% in December, which may be associated with deposits for the purchase of foreign currency, the rate on which, as a rule, is close to zero.
As for the corporate sector, the rate on new hryvnia deposits in December increased by 0.8 p.p. – to 10.4%, while on foreign currency deposits it decreased by 0.1 p.p. – to 1.4% per annum.
The average rate of UAH loans to the corporate sector in December decreased by 0.7 p.p. – to 20.1%, whereas on foreign currency loans – by 0.2 p.p., to 5.2%.
During the year, hryvnia loans for corporate sector went up by 11 p.p., while currency loans went up by 1.1 p.p.
As earlier reported, on June 3, the NBU raised its key rate from 10% to 25%, in order to improve the attractiveness of the hryvnia, reduce pressure on international reserves and combat inflation, which totaled 26.6% for the year.
The National Bank expects that banks will also increase rates on deposits, and the Ministry of Finance – on OVGZ, while the increase in interest rates on loans will not be so significant. Since October, the Ministry of Finance raised rates on bonds with maturities of five to 24 months to 14-19.5% per annum, while in the secondary market they reach 20% per annum and higher.
