In recent months, the deposit rate has been falling by 1% every month.
Approximately two thirds of Ukrainian banks report an increase in deposit deposits of Ukrainian citizens. And this despite the fact that the size of the deposit rate since the beginning of the war in Ukraine has been declining by about 1% every month. At the same time, the banks themselves simply do not need depositors' money now, because they have almost nowhere to invest, writes in his article for ZN.UA “ Deposits in wartime: why deposits in banks continue to grow, despite meager rates ” Artur Fedorchuk.
The expert notes that in the context of double-digit consumer inflation, deposit rates have fallen to 4.5-6% and continue to decline further.
“If you take the first in terms of assets and reliability of 20 banks, the decline was approximately 1% per month and occurred in several waves, falling, as a result, so far by 1.5-2% to 4.5-6% per annum. Bankers are confident that this trend will continue in the near future, and rates will fall by at least another 1% by the end of May, “he said.
And if banks are losing interest in new deposits, Ukrainians are increasingly interested. In particular, Fedoruk points to at least three reasons:
First, a few months before the war, Ukrainians were actively accumulating cash in anticipation of terrible upheavals. But after making sure that the banking system was working normally, most decided to return the money to their accounts.
Second, those who went abroad in the second wave of refugees also began to invest in their accounts. After all, a hryvnia card can be used to pay abroad at a fixed and not very predatory rate.
“However, all the reasons listed by experts are probably not the main ones either. The main reason is that people, like banks, have almost nowhere to spend their money. The consumer market during the war shrank to a minimum. People only buy food and basic necessities. Unspent money settles in bank accounts, “said the expert.
More materials by Artur Fedoruk read on ZN.UA .
