Ukrainians are mass investing in government bonds: 570 billion UAH in 2025

In 2025, Ukrainians significantly increased their investments in government bonds of internal state borrowing. In total, through government bonds the state attracted about 570 billion UAH, which became an important source of budget financing amid limited access to international capital markets during the war. This was reported by InVenture.

According to the Ministry of Finance of Ukraine, one of the main trends of the year was a sharp increase in investments from the population. The portfolio of government bonds owned by individuals increased by 42.6% - from 78.5 billion to 111.9 billion UAH, and their share in the total volume increased to 5.7%.

Ukrainian investments in government bonds in 2025: structure and demand

Investors showed the most interest in short- and medium-term UAH government bonds with a turnover period of up to three years. Such a choice indicates a desire to maintain liquidity and minimize risks in conditions of military uncertainty.

Legal entities also increased their investments: their portfolio grew to 212.3 billion UAH, and their share increased to 10.8%. At the same time, the main holders of bonds remain:

• commercial banks - 937.1 billion UAH;
• National Bank of Ukraine - 664.5 billion UAH.

Yield of government bonds and the role of the domestic market for the budget

The weighted average yield of UAH government bonds in 2025 increased to 16.24%, making them more attractive than bank deposits with rates of 12–15% per annum. Currency instruments, conversely, had lower yields: dollar government bonds - 4.17%, euro bonds - 3.22%. Through currency government bonds the state attracted about 2.5 billion dollars.

An additional role was played by military government bonds, the funds from which are directed to the security and defense sector. In total, since the beginning of the full-scale war, internal borrowings through government bonds have brought Ukraine about 2 trillion UAH. In 2026, the Ministry of Finance plans to attract another 420 billion UAH, maintaining the key role of the domestic market in budget financing.

We remind you that PrivatBank has launched the possibility of purchasing and selling bonds of internal state borrowing (government bonds) in the Privat24 mobile application.