Inflation and hryvnia: how to protect savings from depreciation

If your salary has nominally increased over the last year, and you buy less with the same money, this is inflation in action. The hryvnia, which is simply lying on a card or in a drawer, loses its purchasing power every year, and this is not a reason for panic, but a reason for a plan. In this article - specific tools that really help to preserve the value of savings, and mistakes that make their protection fictitious.

Why is the hryvnia depreciating and how much is it noticeable

Inflation is not an abstraction from the NBU news, but a monthly process: the prices of goods and services slowly creep up, and for the same amount you buy a little less than a year ago. The NBU regularly draws attention to the risks of strengthening this process, in particular, it warned about the danger of an inflationary wage-price spiral, when income growth spins up further price growth. Details of this warning can be read in the material about the risk of an inflationary spiral in Ukraine.

The main problem with cash hryvnia for savings is that it is not protected by anything. The bank's deposit rate, which does not cover the rate of inflation, does not save either: you nominally receive interest, but the real purchasing power of the amount still falls. Therefore, the first rule is that savings should "work" and not lie as dead weight.

Three strategies to protect savings

Currency diversification

The classic and easiest way is not to keep all savings in one currency. The hryvnia part is needed for current expenses, but the long-term "cushion" is logically divided between the hryvnia, the dollar and the euro. As of November 11, 2026, the official NBU exchange rate is UAH 45.50 per dollar and UAH 51.08 per euro, while the picture is slightly different in banks: monobank buys the dollar for UAH 45.66 and sells for UAH 46.06, PrivatBank - in the range of UAH 45.50-46.10, depending on the exchange channel. The euro exchange rate in PrivatBank fluctuates between UAH 50.75 and UAH 51.75 for buying and selling. The difference between banks for a dollar or euro sometimes reaches half a hryvnia for each transaction, so before exchanging, it is worth checking the current figures on on the bank rate comparison page, and not focus on yesterday's data.

If you plan to hold the currency longer than a few months, follow the dynamics through dollar exchange rate chart and euro exchange rate chart - it helps to understand whether the current moment is good for exchange, or it is better to wait. Archive of NBU courses at historical data page also useful if you want to see how the currency behaved in previous months before making a decision.

Hryvnia deposits and OVDP

If the savings are in hryvnias, a bank deposit is the minimum that should be done instead of keeping the amount on a card without interest. Banks regularly review rates and the exact figures for each bank are worth looking at on the betting page on the website, because they change more often than it seems. General rule: rates on hryvnia deposits are usually higher than on currency deposits, precisely because the bank compensates the depositor for the risk of devaluation of the hryvnia.

A separate instrument is domestic state loan bonds (OVDP). This is the state's debt to you: you buy a bond, receive a fixed coupon income and return the face value at the end of the term. Bonds in hryvnias usually give a yield comparable to or higher than that of deposits, and Bonds in currency are a way to save dollars or euros and at the same time receive interest, and not just keep the currency as "dead weight" under the pillow.

Assets that are not afraid of inflation

The third layer of protection - assets, the value of which historically grows faster than inflation: real estate, shares of foreign companies through investment accounts, partly - gold. This is no longer an "airbag", but a long-term investment, and it is suitable only for money that will not be needed in the near future. Before distributing funds between such tools, make sure that you have a reserve for unforeseen expenses in general - how much to save and where to keep this amount is written in detail in the material about the financial security cushion.

Comparison of savings protection tools

Typical mistakes in saving savings

• Keeping the entire amount in one currency "just in case" is not diversification, but concentration of risk.
• To exchange currency impulsively, focusing on the exchange rate from the news a few days ago, instead of checking the current numbers on currency exchange page before going to the exchanger.
• Invest in high-risk assets (crypto, individual shares) the amount needed in the coming months - long-term instruments do not forgive short-term use.
• Ignoring the bank deposit simply because the rate "seems small" - even partial compensation is better than zero.
• Forgetting to review the distribution of savings every few months - the structure that was optimal a year ago could lose its meaning.

Frequently asked questions

How much savings should be kept in foreign currency, and how much in hryvnias?

There is no universal proportion, because it depends on your expenses and the horizon of goals. A logical approach: the amount for current expenses and an airbag for 3-6 months - in hryvnias, because it is in hryvnias that you pay for rent, food and utilities. Long-term savings, which you do not plan to spend in the coming year, are wise to partially keep in foreign currency precisely to protect against devaluation.

Should we suddenly transfer all hryvnia savings into dollars now?

Sharp one-time decisions are always a risk to buy at the peak of the rate. It is better to exchange parts for several weeks or months, checking the rate on on the bank comparison page, rather than trying to guess the "perfect moment". This way you average the entry price and are less dependent on one-day fluctuations.

Does the deposit protect against inflation if the rate is lower than the rate of price growth?

Part. Even if the deposit rate doesn't cover inflation completely, it still reduces the loss compared to cash, which earns nothing. The deposit should be considered as a tool for mitigating depreciation, and not for full protection - for more complete protection, it is combined with currency diversification or OVDP.