Foreign exchange bonds in 2026: how to legally hold dollars and euros at interest

Updated: July 20, 2026

Currency OVDPs are government bonds denominated in dollars or euros: in July 2026, dollar issues yield about 3.5-3.8% per annum, euro issues about 2.9%, and all income is tax-free. The coupon and repayment are paid in the currency itself, not in hryvnias at the exchange rate. This is the only mass legal way to receive foreign exchange income in Ukraine, which also protects against devaluation in the same way as the cash dollar. We analyze profitability, the purchase procedure from $1,000 and nuances that should be known in advance.

How do currency OVDPs differ from hryvnia bonds

The mechanics are the same: you lend money to the state and receive interest (explained in detail in the OVDP guide). The difference in the currency of the bond: the face value of the bond is 1,000 dollars or 1,000 euros, and all payments are made to your currency account in the same currency. That is why the profitability here is not compared with 15-17% hryvnia, but with currency alternatives: a deposit in dollars in Ukrainian banks gives about 0.5-1.5%, cash under the mattress - 0%. Against this background, 3.5-3.8% in dollars without taxes is the strongest legal offer for foreign currency savings.

What is the yield of foreign exchange bonds now

A practical example: $10,000 in dollar bonds at 3.6% will bring $360 net per year — cash for the same time will bring nothing, and a foreign currency deposit after taxes will give several times less. The exact rate depends on the issue and term; actual quotations change after the weekly auctions of the Ministry of Finance.

How to buy currency bonds for individuals

The main difference from hryvnia bonds: there are no currency bonds in the "Diya" application - purchases are made through banks and brokers. It works like this: you open a securities account at a dealer bank (among the primary dealers are Oschadbank, Ukrgasbank, Ukreximbank, Sense, Raiffeisen, PUMB, and others) or at a bank with online purchase on the secondary market, top up the currency account — and buy the issue of the desired maturity right in the application. The minimum threshold in most banks is one bond ($1,000 or euros), some banks set their own minimum of several bonds. Some banks sell without a commission, others charge a commission for the transaction - you should compare the conditions before opening an account.

Payments, repayments and one important nuance with cash

Coupons and repayments are received in foreign currency to your foreign currency account - the funds can then be reinvested, transferred or withdrawn in cash. The nuance is precisely in the last one: some banks charge a fee for issuing cash currency from the account, so if your goal is "dollars in hand" after repayment, check the tariff of your bank in advance. Without this commission, the most profitable strategy is to keep the currency in the account and reinvest in subsequent issues.

Risks and limitations

The credit risk is the same as that of hryvnia OVDPs — state obligations, on which Ukraine has not allowed default even in the most difficult periods. Specific nuances of currency issues: there are fewer of them than hryvnia issues, so the choice of terms is narrower, and the liquidity of the secondary market is lower - you can sell early, but the spread will be more noticeable. And it is worth remembering that the yield in the currency looks modest compared to 16–17% in the hryvnia: according to forecasts, the devaluation of the hryvnia will amount to 2–4% by the end of the year (see the forecasts of the dollar and euro exchange rates), so mathematically, the hryvnia government bonds are winning for the time being — the foreign currency bonds are not taken by the yield, but by the fact that they completely remove the exchange rate risk.

Frequently asked questions

What is the minimum amount for buying currency bonds?

One bond is 1000 dollars or 1000 euros. Most banks sell from one bond, some set a minimum of several pieces.

Are taxes paid on currency bonds?

No. Like hryvnias, currency bonds are exempt from personal income tax and military duty — both the coupon and the income from redemption.

Is it possible to buy foreign exchange bonds through Diya?

No, Diya sells only hryvnia military bonds. Foreign currency is bought through dealer banks or brokers.

Will the payments be in foreign currency or in hryvnias according to the exchange rate?

In foreign currency: Coupons and redemptions are sent to your foreign currency account in dollars or euros. This is a fundamental difference from many "currency" bank products with payment in hryvnia.

What is better: currency bonds or currency deposit?

In terms of yield, OVDPs win many times over: 3.5–3.8% without taxes versus 0.5–1.5% minus 23% tax on the deposit. The deposit is more convenient, except for the possibility of early termination without market price fluctuations.

This article is for informational purposes only and does not constitute individual investment advice.