Financial expert Oleksiy Kozyrev on the Minfin YouTube channel explained which instruments to consider for preserving capital in 2027 and how to allocate funds depending on the size of savings.
Main threats to savings in 2027
According to the expert, the main risks to Ukrainian savings include destruction of property due to shelling, high inflation and depreciation of the hryvnia, as well as unemployment and loss of income caused by reduced business activity. It is impossible to protect property from all wartime risks, but Kozyrev notes that property should be insured where possible.
The expert also explains that inflation and the exchange rate of the hryvnia depend on the overall state of the economy and state financing, and currently he does not see sufficient prerequisites for a significant decline in inflation in 2027. Therefore investors should prioritise preserving the purchasing power of their savings first, and only then seek additional income.
Returns and risks of the main instruments
Renting property, in the expert’s view, can yield around 4% per year in currency terms, while land can provide from 4% to 8% depending on the plot and its use. Kozyrev estimates the return on shares of international and local companies at an average of 6−7% in foreign currency or 16−20% in hryvnia, taking into account taxation and related costs.
The expert calls cryptocurrencies especially risky due to large price fluctuations and the possibility of losing invested funds. For gold he recommends taking into account the difference between buying and selling prices: bank gold may carry a markup of 10−15% over the world price, and when buying jewellery items an investor risks not recouping the craftsman’s labour costs on resale.
Deposits, currency and OVDP (domestic government bonds): rates and examples
For hryvnia deposits, banks offer rates of up to 17% per annum, and after paying taxes and the military levy (a special tax) the net return according to the expert’s calculations was about 13.09% per annum. Placing 100 000 UAH for a year at that rate would yield approximately 13 090 UAH in interest, bringing the total on the account to 113 090 UAH.
Kozyrev notes that besides the nominal sum on the deposit, one must consider changes in the exchange rate: if the hryvnia devalues by more than the interest rate covers, converting into another currency may result in losses. For this reason he recommends considering short‑term hryvnia deposits for three months or at most six months.
Foreign‑currency deposits currently yield up to 2−2.5% per annum in US dollars and about 2% in euros — after taxation the real return will be lower. In an example for an amount equivalent to 100 000 UAH, a dollar deposit at the stated rate would bring roughly $43 over a year, and a euro deposit about €31.
OVDP (domestic government bonds) have the advantage that personal income from OVDP is not subject to personal income tax. However, when buying through financial intermediaries there may be commissions or other costs that reduce the actual return.
At the time the video was recorded, hryvnia OVDP with the corresponding maturity could offer around 14.5−15% per annum taking intermediary costs into account. Foreign‑currency bonds the expert estimates at approximately 2.3−2.7% per annum in dollars and 2−2.5% in euros. Before buying OVDP Kozyrev advises checking the maturity date, payment terms and acquisition costs.
Portfolio allocation depending on the size of savings
For savings of 100 000 UAH Kozyrev suggests focusing on deposits and OVDP (domestic government bonds), complemented by foreign‑currency instruments. He does not provide exact percentage shares in this segment, but emphasises a more conservative approach with a smaller capital.
For savings up to 1 000 000 UAH, the expert recommends broadening the range of assets and adding instruments for long‑term capital growth, while reviewing the portfolio every two to three months. He classifies cash foreign currency and cryptocurrencies as more risky instruments and recommends considering them only for a small portion of capital.
For capital above 1 000 000 UAH Kozyrev suggests even wider asset diversification and more frequent monitoring: review the portfolio at least once every one to one and a half months and regularly check its condition. He also emphasises the need to account for related costs, conditions for selling assets and the time horizons of each instrument.
