The slowdown in inflation since June 2025 has helped maintain the investment attractiveness of the national currency. This opinion was expressed by the head of the National Bank of Ukraine, Andriy Pyshny, who emphasized that this was a result of the regulator’s targeted policy.
This is reported by Finway
Growth of Deposits and Limited Demand for Currency
According to the NBU chief, the increase in the discount rate in March 2025 and its subsequent maintenance at 15.5% contributed to making it advantageous for Ukrainians to keep their funds in Hryvnia. He noted that over the year, the volume of term Hryvnia deposits among the population increased by almost 20%, while investments in Hryvnia government bonds (OVDP) rose by 67%. Additionally, the net demand for currency from citizens was half of what it was in 2024.
“To tame inflation, we continued to raise the discount rate in March 2025, and then maintained it at 15.5%. As a result, savings in Hryvnia remained attractive, which limited the pressure on the Hryvnia exchange rate and prices,” asserts the head of the regulator.
Inflation Slows Down, Hryvnia Holds Its Ground
According to information from the State Statistics Service, inflation decreased to 8% in December 2025. The NBU expects this trend to continue: the regulator forecasts that inflation will drop to 6.6% in 2026 and to the target level of 5% in 2027. These figures align with the estimates of most analysts.
Despite the fact that at the beginning of 2026 the Hryvnia updated its minimum values against the US dollar several times, losing over 2% in a week and falling from 42.17 to 43.07 per dollar, the Ukrainian currency demonstrated overall stability against the American currency throughout 2025, despite market fluctuations.