Banks have raised rates on hryvnia deposits — NBU
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In March, the weighted average interest rate on time deposits of individuals increased by 0.6 percentage points to 12.9% per annum, and on business funds by 1.2 percentage points. p. — up to 13.7% per annum. This is stated in the Inflation Report of the NBU for April 2023.
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“Despite significant volumes of liquidity, rates on hryvnia deposits continued to grow in response to the long-term retention of the discount rate at a high level, strengthening of mandatory reserve standards and the announced improvement of approaches to their calculation,” says the message.
According to the data of the National Bank, higher rates on deposits for businesses indicate the potential to increase rates on deposits of the population, especially taking into account changes in the operational design of monetary policy.
At the same time, only 34% of the hryvnias of individuals in banks are on time deposits.
Read also: hryvnia under 20%, dollar under “0”: how banks plan to change deposit rates
“Thanks to the influence of the mayor of the NBU, already in April, banks began to compete more actively for depositors, offering more attractive rates, first of all for deposits of more than 3 months. It is expected that this will have a positive impact on improving the operation of the transmission mechanism and will be the beginning of the formation of a stable trend to increase the share of time deposits,” the regulator noted.
Author: 
News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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