Ukraine bank deposits stay mostly in hryvnia

That mix matters economically because deposit composition shapes bank funding, liquidity and the transmission of monetary policy. A higher share of hryvnia savings gives lenders a more stable local-currency funding base and reduces reliance on foreign-currency liabilities, which are harder to match with lending in an economy still operating under wartime strain and capital controls.

For investors, the figures point to a banking sector that remains liquid and broadly trusted, even as Ukrainians continue to diversify into dollars and euros as a hedge against uncertainty. That supports the case for deposit stability, but it also shows that households are still seeking protection from inflation, exchange-rate risk and wider macro volatility.

The deposit data also comes alongside tighter payment controls. Ukraine’s central bank has required mobile-phone verification for cash top-ups at self-service terminals since June 26, a move aimed at curbing fraud and improving transaction security. The rules exempt some payments, including taxes, utility bills and limited mobile top-ups, but they reinforce the broader push toward traceable, regulated cash flows through banks.

The structure of deposits suggests a fairly broad retail base rather than a system dependent only on large accounts. The fund said 25.92% of depositors hold between 10 hryvnias and 200,000 hryvnias, while 20.73% keep 200,000 to 600,000 hryvnias and 10.56% hold 600,000 to 1 million hryvnias.

Foreign-exchange market signals point to continued interest in hard currency, but not a wholesale shift out of hryvnia. Conventional technical indicators on the euro and dollar trackers show both currencies holding near recent levels, while the dollar has gained momentum more recently than the euro, reflecting persistent demand for safe-haven exposure.

For banks and policymakers, the key question is whether the latest rise in foreign-currency deposits is temporary hedging or the start of a larger reallocation away from hryvnia. For now, the numbers suggest Ukrainian savers are still choosing the local currency first, even if they are keeping one eye on the dollar.