The government raised a record 640 billion hryvnias through government bonds: 2024 results

In 2024, the Ukrainian government demonstrated significant success in the financial sector, raising almost 640 billion hryvnias through auctions for the placement of domestic government loan bonds (OGLBs). This amount includes 497.81 billion hryvnias, 2.73 billion US dollars and 754.9 million euros.

According to the press service of the National Bank of Ukraine (NBU), the placement of OGLBs has become a key tool for financing the state budget under martial law. At the same time, a significant part of the funds raised was directed to servicing and repaying the state debt. Thus, during the year, the government paid 245.44 billion hryvnias, 2.48 billion US dollars and 918.3 million euros on domestic debt obligations.

The rollover level of government bonds at the end of the year reached 155% in all currencies at the official rate. This indicates high investor confidence in the domestic debt market, as well as the effectiveness of the government and NBU policy on public debt management.

Military bonds played a special role in financial stability. As of January 1, 2025, their portfolio, owned by individuals and legal entities, doubled compared to the previous year - from 85.4 billion hryvnias to 171.4 billion hryvnias in equivalent. This indicates active support by citizens and businesses for the state's defense needs.

NBU Chairman Andriy Pyshny emphasized that 2024 was the second year of a full-scale war, during which Ukraine did without emission financing. “Record volumes of borrowing on the domestic debt market – almost 640 billion hryvnias compared to last year’s 566 billion – together with strong support from international partners made it possible to finance the budget deficit,” he noted.

These achievements demonstrate not only the resilience of the Ukrainian economy in wartime conditions, but also the effectiveness of the government’s and the NBU’s financial policy. The record-breaking borrowing of funds through government bonds indicates growing confidence in government instruments from domestic investors, which is an important step towards ensuring the country’s macroeconomic stability.