NBU raised the rate to 15.5%: how deposit and government bond yields have changed

Changes in the NBU's interest rate

The National Bank of Ukraine raised the discount rate to 15.5% at the beginning of 2025, which significantly affected the terms of deposits and domestic government bonds. This decision was a response to the economic challenges facing the country and aims to stabilize the financial system.

As of now, the average rates for hryvnia deposits range from 13-16% per annum, creating more attractive conditions for depositors. At the same time, the yield on hryvnia domestic government bonds (OVDP) ranges from 12 to 18% per annum. Such indicators suggest the competitiveness of investments in bonds, which may encourage citizens to save and invest their funds in the national economy.

Forecasts and financial trends

The forecasted inflation in Ukraine in 2026, according to NBU estimates, will not exceed 10%, and is expected to be around 7%. This may positively influence consumer demand and economic growth in the country.

As of November 1, 2025, the total amount of deposits of individuals and individual entrepreneurs reached 1,534.8 billion hryvnias. Of this amount, 1,010.2 billion hryvnias was held in hryvnia accounts, while deposits in foreign currency reached 524.6 billion hryvnias.

It is worth noting that 56.89% of Ukrainians keep from 10 to 200 thousand hryvnias, which may indicate the population's caution regarding financial matters. Given the new conditions, Ukrainians have the opportunity to better protect their savings from inflation and benefit from higher interest rates on deposits and bonds.

Increasing the NBU's discount rate is an important step to support financial stability in Ukraine amid economic challenges.

The rise in deposit and bond rates may stimulate public investment in the national economy, which in turn has a positive impact on the overall level of economic activity. High rates may also help stop capital outflow from the country and assist in maintaining financial stability in the short term.