In 2024, the government of Ukraine raised UAH 497,806.9 million, USD 2,728.1 million, and EUR 754.9 million by offering domestic government debt securities at auctions, and allocated UAH 245,437.9 million, USD 2,476.6 million, and EUR 918.3 million towards redemption of domestic government debt securities.
During 2024, the Ministry of Finance borrowed in the domestic debt market more than it spent to redeem domestic government debt securities. Borrowing surpassed redemption by the equivalent of UAH 255,626.8 million. Specifically, UAH 35,783.8 of this difference occurred in December 2024. The rollover of investments in domestic government debt securities in 2024 is 155% at par in all currencies at the current official exchange rate.
In total, from the onset of russia’s full-scale invasion of Ukraine through 31 December 2024, the government raised UAH 1,051,982.6 million, USD 8,345.4 million, and EUR 2,468.0 million through primary auctions and allocated UAH 674,809.8 million, USD 8,612.3 million, and EUR 2,168.9 million to redeem domestic government debt securities.
The domestic debt market was revived thanks to the joint efforts of the government and the National Bank of Ukraine.
In particular, the NBU allowed the banks to use benchmark domestic government debt securities from the NBU’s list to cover a part of the reserve requirement, and gradually expanded this list. Furthermore, the NBU enabled the repatriation by nonresidents of interest payments received after 1 April 2023 on domestic government debt securities, provided they comply with a requirement that the investor shall have owned such domestic government debt securities for a certain minimum period that precedes the receipt of said interest.
For its part, the government is offering market-based interest rates on domestic government debt securities. In December 2024, the maximum yield on domestic government debt securities offered through auctions was 16.5% per annum for hryvnia-denominated bonds. Domestic government debt securities denominated in U.S. dollars and euro were not offered through auctions in December.
The domestic debt market’s active operation is important for ensuring macrofinancial resilience. On the one hand, macrofinancial resilience is a safeguard against monetary financing of the budget deficit. On the other hand, it is an important instrument for improving the maturity structure of funds in the banking system and mitigating risks to the FX market and price stability.
For the second consecutive year, we have navigated a full-scale war without resorting to monetary financing. The record volume of government borrowings in the domestic debt market—an equivalent of nearly UAH 640 billion, as compared with last year's UAH 566 billion—along with strong support from international partners, enabled us to finance the budget deficit. The high level of cooperation between fiscal and monetary authorities demonstrates our ability to effectively address the challenges of the new year, 2025," said NBU Governor Andriy Pyshnyy.
Everyone can purchase war bonds now and strengthen the financial resilience of Ukraine.
Below are the NBU Depository’s detailed statistics on war bonds offered through auctions, as of 1 January 2025.
Primary dealers – banks – hold the largest portfolio of war bonds.
Ukrainians and domestic businesses hold the second-largest portfolio of war bonds. According to 1 January 2025 data, this portfolio comprises:
- UAH 92,375.4 million or 27.6% of the total value of purchased hryvnia-denominated war bonds (up from UAH 86,861.6 million or 29.8% on 1 December 2024)
- USD 1,625.1 million or 56.4% of the total value of U.S. dollar-denominated war bonds (down from USD 1,483.4 million or 51.5% as of 1 December 2024)
- EUR 245.8 million or 43.7% of the total value of euro-denominated war bonds (up from EUR 163.6 million or 29.1% on 1 December 2024).
Overall, the portfolio of war bonds owned by individuals and legal entities is equivalent to UAH 171.4 billion, according to 1 January 2025 data, twice up from UAH 85.4 billion on 1 January 2024.
As of 1 January 2025, nonresidents held UAH 7,472.7 million, USD 30.2 million and EUR 0.1 million in war bonds.
Find out more about the military domestic government debt securities here. The table presents data at amortized face value.
On 22 March 2022, the NBU began to publish weekly statistics of the NBU Depository related to war bond transactions. At the beginning of 2023, the NBU switched to the monthly publication of relevant releases as of the first day of the month. Previous data are available by the tag war bonds.