Ukrainians Invested a Record 100 Billion in Government Bonds: How This Affects the Economy.

Ukrainian citizens have invested over 100 billion hryvnias in government bonds of internal state loan (OVDP) by mid-August 2025. This volume indicates a growing trust in these securities, which have become a key source of budget financing amid the war.

Over the past year, the volume of individual investments in OVDP has increased by more than 34.7 billion hryvnias, or nearly 53%. More than half of the bonds owned by Ukrainians are denominated in hryvnias, followed by currency securities in US dollars and euros.

Dynamics of Investment Growth in OVDP

Overall, over the past few years, the amount of money that citizens invest in government bonds has quadrupled. The annual growth rates are also positive: in 2022 +20%, in 2023 +77%, in 2024 +47%, since the beginning of 2025 +28%.

Who Invests the Most

Despite the significant contributions of citizens, banks, the National Bank of Ukraine, legal entities, and insurance companies remain the main participants in the OVDP market. For the state budget, bonds are an important source of revenue, contributing to the financing of various areas, including support for the Armed Forces of Ukraine and social programs.

The Role of OVDP in the War Economy

Government bonds not only provide a stable income for investors but also finance the Armed Forces, social programs, and infrastructure projects. It is also important that the income from OVDP is not taxed, which is an additional advantage for depositors.