Ukrainian banks may raise deposit rates following the NBU's decision

Following the National Bank of Ukraine’s increase of the discount rate to 16.5%, banks may gradually revise the terms of hryvnia deposits. 

The biggest changes will likely affect 3- to 6-month deposits.

 According to Dmytro Zamotaev, director of the retail business department at Globus Bank, average interest rates on hryvnia deposits will be 14–15% per annum in early November, while the highest promotional offers could reach 17–17.5%.

At the same time, a sharp rise in interest rates is not expected. Each bank will independently set its terms based on its need to attract funds, liquidity, and competitors’ offers.

Banks may more actively offer bonuses to new customers, additional interest for opening accounts via mobile apps, and more favorable terms for deposit renewals. At the end of the year, financial institutions traditionally seek to strengthen their funding base.

Source: Channel 24

The National Bank of Ukraine has decided to raise the discount rate to 15.5%. The regulator adjusted the rate as part of its monetary policy to influence inflationary trends and maintain economic stability.

The National Bank of Ukraine raised the discount rate from 16% to 16.5% due to mounting price pressures and worsening inflation expectations. 

The NBU issued a commemorative coin dedicated to Oleksandra Ekster.