This is discussed in the column by the Director of the Monetary Policy and Economic Analysis Department of the NBU, Volodymyr Lepushynskyi, for RBK-Ukraine. This information is reported by Kontrakty.UA.
Lepushynskyi noted that the decision to raise the discount rate is primarily aimed at supporting the public's demand for hryvnia savings instruments, such as term deposits and government bonds (OVDP).
The NBU has already observed the initial response of deposit rates to the December decision. While the change is minor, rates have slightly increased in nominal terms. "However, given the short time frame, such an equivalent increase was not to be expected, especially considering the significant liquidity influx into the system at the end of the year due to substantial budget expenditures," he said.
At the same time, some banks have already reacted by raising deposit rates. "We expect that banks will further increase rates on term hryvnia deposits in response to the January decision, taking into account competition for depositors," Lepushynskyi added.
It is worth noting that the NBU raised the discount rate in December 2024 from 13% to 13.5% per annum. At the end of January, the NBU raised the rate to 14.5%.
According to operational data from the NBU, the average rates for new deposits in hryvnia for individuals in December 2024 increased from 9.6% to 10.3% per annum. Rates for enterprises remained at 8.4%.
According to a survey by the NBU, in the first quarter of 2025, banks expect an increase in the cost of corporate deposits, while the cost of funds for individuals will remain almost unchanged.