At the beginning of 2022, the National Bank of Ukraine and the Deposit Guarantee Fund implemented measures to support the economy, noted Semyon Babayev, Deputy Chairman of the Management Board and Head of Retail Division at PRAVEX BANK, during the roundtable discussion "Do Ukrainians Trust Banks and the Deposit Guarantee Fund for Individuals During War?"
He mentioned that Ukrainians continue to trust banks and open deposits because the conditions are favorable: in 2023, the average interest rate in the national currency was 15-17% annually, inflation was at 5%, and the devaluation of the hryvnia was minimal.
Semyon Babaev added that at the beginning of 2022, PRAVEX BANK clients paid special attention to the guarantee of full payment from the Deposit Guarantee Fund, which ensures the safety of their deposits. "We at the Bank believe that this became the main factor reassuring clients about the safety of their deposits”.
During the roundtable, the impact of internal migration on the operations of banks was also discussed. According to Semyon Babayev, this was not a significant issue for PRAVEX BANK, as clients can use the mobile application PRAVEX ONLINE and communicate with bank representatives in a secure chat without visiting branches.
During the event, the results of a nationwide representative survey aimed at assessing consumers' awareness of Ukraine's deposit guarantee system were presented. The survey was conducted with the support of the USAID project "Investments for Business Sustainability" in December 2023.
The survey of citizens showed that most Ukrainians (64%) trust banks. This indicator increased from 56% compared to 2021.
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