Although the dollar exchange rate remains stable for now, it's time to think about what to do with the hryvnia to preserve and multiply it. According to bankers, there are a number of ways to do this.
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As Sergey Mamedov, Vice President of the Association of Ukrainian Banks, Chairman of the Board of GLOBUS BANK , told “FACTS”, despite the autumn-winter energy and military challenges, the general situation in the banking sector will remain quite acceptable by the end of the year. In addition, banks will continue to actively develop deposit and loan programs on favorable terms for citizens.
Deposits will be profitable until the end of the year
Thus, Serhiy Mamedov reminded that from April to November the most attractive period is observed in the deposit segment, as rates are at their highest levels since 2023 – depending on the term of the deposit, the average yield on deposits is from 13% to 14.5% per annum. At the same time, the maximum rates reach 17% per annum, while deposits for 6−9 months, as well as for 1 year, will remain the most popular. Their rates allow not only to protect funds from depreciation, but also to receive moderate passive income.
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In addition, the banker noted that the most favorable period for placing funds will last from the end of November to the end of December. He suggests that bonuses for opening deposits may increase to 1.5−2% above base rates.
“The market expects that precisely due to the attractiveness of hryvnia deposits, the current December demand for cash will be significantly lower than in previous years. If earlier up to 50−70% of the annual hryvnia payments received were directed to the purchase of currency, this year this figure will be a maximum of 50%. Favorable conditions for saving citizens' funds, because the profitability of hryvnia deposits more than covers inflation risks. During this period, both the economic consequences of the war and the regulator's strategy in the foreign exchange market are very important for the development of deposits,” says Serhiy Mamedov.
Loans: Affiliate Programs and Rate Reductions
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The growth of hryvnia deposits also benefits those Ukrainians who want to take out a loan, as it expands the capabilities of banks, which, together with state programs (in particular, “Affordable Loans 5−7−9”, “e-Oselya”) and partner programs, allow them to offer borrowers more favorable conditions. The lending rate for the latter is approximately 1−2% lower than for “standard” loans.
In addition, in 2025, the competition between banks for entrepreneurial borrowers significantly intensified. Thus, if last year the average interest rates on loans for entrepreneurs, depending on the term and object of lending, were 18−21% per annum, then in 2025 they decreased to 15−18% per annum.
Dollar no more than 43.5 hryvnias – what to expect from the currency market
Also, according to Serhiy Mamedov, the foreign exchange market in Ukraine is under serious pressure during the war:
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- first, enemy shelling continues and causes great damage to the power system, which automatically affects the economy;
- secondly, the season of increased demand for currency has begun, caused by annual payments of bonuses, bonuses, and dividends;
- Thirdly, uncertainty prevails among entrepreneurs: to avoid risks, they “insure themselves” by raising prices for goods and services – this is a direct source of inflationary growth.
“Price increases are a factor that encourages citizens to look for ways not to lose the purchasing power of their savings,” the banker explains. “Unlike last year, the NBU has created conditions that encourage the development of hryvnia deposits. Of course, traditionally a significant part of the free funds can go to the foreign exchange market, but we do not rule out that most of the funds will be placed in hryvnia accounts.”
At the same time, Serhiy Mamedov is convinced that by the end of 2025 the situation on the foreign exchange market will be relatively calm, and exchange rate fluctuations will be within acceptable limits. He predicts corridors of 42−43.5 UAH per dollar and 49−51.5 UAH per euro. Such indicators, in his opinion, will fully correspond to the state of the country's economy.
Should Ukrainians buy foreign currency?
Serhiy Mamedov also drew attention to how citizens can protect their savings as much as possible and whether it is worth stocking up on foreign currency. He emphasized that hryvnia deposits maintain high profitability, which at least guarantees the preservation of the purchasing power of the invested funds. Comparing the profitability of hryvnia and foreign currency deposits, the banker noted that the difference is now enormous: the profitability of hryvnia deposits is 12 times higher.
He gave an example: a 1-year deposit of UAH 20,000 at an average rate of 14.5% per annum, including taxes, will yield a net income of over UAH 2,000.
If we use this amount to purchase dollars at a conditional exchange rate of 43 UAH/$, we will receive about $465. By placing them on a dollar deposit for a period of 1 year at an average rate of 1.2% per annum, the income will be $5.58, and after paying taxes – about $4. After performing the reverse conversion at the purchase rate (conditionally 43.5 UAH/$), we will receive a net income of about 174 UAH.
The expert advises a cautious approach to buying currency. According to him, idle money sooner or later loses its “weight.”
“We understand that the traditional attention of citizens to cash currency is associated with several factors: from the habit that currency is something guaranteed (associative “gold”), to everyday needs – for example, transfers to loved ones abroad. However, it is worth remembering that inflation exists in the USA, the EU, and other countries. Therefore, over time, any cash can lose part of its value,” the specialist emphasizes.
In his opinion, the most balanced solution is to diversify risks: keep funds in equal shares in different currencies (including deposits), and part in cash. The proportion can be almost the same.
As previously reported by “FACTY”, the dollar exchange rate in Ukraine for 2026−2027 is expected to be around 45.5 and 47.5 UAH, respectively.
