Currency government bonds (OVDP): dollar and euro yields, taxes, risks and how to buy

Currency OVDP are Ukrainian government bonds in US dollars or euros with a face value of USD 1,000 or EUR 1,000: you pay in currency and receive coupons and redemption in currency too, and the income is tax-free. At the latest auctions the Ministry of Finance placed dollar bonds at 3.47% a year and euro bonds at 3.08%, while the average one-year dollar deposit rate is 1.17% before 23% tax. Currency OVDP suit people who already keep savings in currency and can leave them untouched until maturity; exchanging hryvnias into dollars just for these bonds pays off only if the hryvnia weakens by about 11% or more over that time.

Oleksandr Suhak November 12, 2026 12 min read

What currency OVDP are

OVDP are Ukrainian domestic government bonds, that is debt the Ministry of Finance raises from banks, companies and individuals. Most issues are denominated in hryvnias, but the Ministry also regularly places bonds in US dollars and euros. One bond has a face value of UAH 1,000, USD 1,000 or EUR 1,000 depending on the currency of the issue.

The principle is the same as with hryvnia OVDP: you buy a bond, earn income as a coupon or as the difference between the purchase price and face value, and on the maturity date the state repays the face value. The difference is that all settlements are in currency. Banks may settle OVDP only in the currency of the face value, so you pay for a dollar bond with dollars from a currency account, and coupons and redemption also arrive in dollars.

Currency and hryvnia OVDP: what is the same and what differs
	Hryvnia OVDP	Currency OVDP
Face value	UAH 1,000	USD 1,000 or EUR 1,000
What you pay with and receive	Hryvnias	Dollars or euros from a currency account
Yield at 2026 auctions	From 15.16% (September)	3.47% in dollars, 3.08% in euros
Tax on income	None	None
How often new issues are sold	Almost every week	A few times a year; there were no placements in August-October 2026
Where to buy	Diia, banking apps, brokers	Only banking apps and brokers
What they protect against	Hryvnia inflation, if the yield is higher	Hryvnia devaluation

How much currency OVDP pay now

Yields on currency bonds are set at Ministry of Finance auctions. At the 3 March 2026 auction the Ministry sold dollar OVDP with a cut-off rate of 3.47%, and demand exceeded supply almost 8 times. Euro bonds with a 1.4-year term were placed at the 7 July 2026 auction with a yield of 3.08% a year. In total, in January-October 2026 the Ministry sold currency OVDP worth USD 452 million and EUR 696.7 million, and from August to October there were no new currency placements.

So buying a currency bond at auction is rarely possible, and most people buy bonds already in circulation on the secondary market through a bank or broker. There the yield depends on the price: in October 2026 outstanding dollar military OVDP yielded roughly 3.24-4.16% a year depending on the issue and term.

Why the yield in a banking app is lower than at auction

A bank or broker buys bonds cheaper and sells them to you at a higher price, and the price difference is its income. For a bond this means the buyer's yield is lower than the seller's. For example, on 9 March 2026 average market quotes for 6-month dollar OVDP were: intermediaries bought them at a 4.00% yield and sold them at 3.15%. For 1.5-year bonds the figures were 4.25% and 3.35%.

Currency OVDP or a currency deposit

Currency deposit rates in Ukraine are low: the average 12-month dollar deposit rate under the UIRD index is 1.17%, for euros 0.51%. The bank withholds 18% personal income tax and 5% military levy from deposit interest, leaving about 0.90% in dollars and 0.39% in euros.

One-year income on 10,000 dollars or euros after tax: the average 12-month deposit rate (UIRD index, 30 Oct 2026) minus 23% tax versus the yield at the latest Ministry of Finance auctions with no tax. Buying on the secondary market through a bank or broker, you will get somewhat less.

A deposit and a bond differ in more than yield, though.

A currency deposit and currency OVDP
	Currency deposit	Currency OVDP
Income after tax	About 0.90% in dollars	About 3-3.5% in dollars, no tax
Who guarantees it	The Deposit Guarantee Fund up to the guaranteed amount	The state as the borrower
Can you take money out early	Yes, if the contract allows early termination (usually with lost interest)	Only by selling the bond at market price, which may be below what you paid
Minimum amount	Usually from a few dollars	The price of one bond, about USD 1,000 or EUR 1,000
Terms	From a month to several years, your choice	Depend on the issue; in 2026 the Ministry placed currency bonds for 1.2-1.4 years

Hence a practical split: keep the currency part of your safety net, which you may need any day, on a deposit or account, and move currency you do not plan to touch for a year or two into OVDP. More on choosing between deposits in different currencies is in our guide on hryvnia or dollar deposits.

Taxes: what and when to pay

An individual's income from OVDP is not taxed. Interest (coupons) on domestic government bonds is not included in taxable income under subparagraph 165.1.2 of Ukraine's Tax Code, and investment profit from transactions with them (the difference between the sale or redemption price and the purchase price) under subparagraph 165.1.52. This income is not subject to the military levy either. The rules are the same for hryvnia and currency issues.

Coupons and redemption arrive in your account in full, with nothing withheld.
Selling before maturity at a profit is not taxed either. The State Tax Service explains that such investment profit is not included in total annual taxable income.
A tax return is not needed just because of OVDP. If you file a return for other reasons, OVDP income can be shown in the section for non-taxable income.

For comparison: the bank withholds 23% from currency deposit interest, so at the same rate a bond brings 23% more income. For a deposit to pay as much as OVDP at 3.47%, its rate would need to be 4.51%.

Currency or hryvnia OVDP

Hryvnia OVDP pay noticeably more: from 15.16% at the September 2026 auctions. But the hryvnia gradually weakens against the dollar, and that is exactly what currency bonds protect against. To compare, work out the devaluation at which both options give the same result.

For reference: from 29 October 2025 to 29 October 2026 the official rate rose from UAH 42.08 to UAH 45.59 per dollar, or by 8.3%. Nobody knows what the rate will do next, so below are hypothetical scenarios that are not a forecast.

UAH 100,000 for a year: hryvnia or dollar OVDP (hypothetical exchange rate scenarios)
Dollar rises over the year by	Hryvnia OVDP at 15.16%	Dollar OVDP at 3.47%, in hryvnias
0%	UAH 115,160	UAH 103,470
5%	UAH 115,160	UAH 108,644
8.3% (as over the last year)	UAH 115,160	UAH 112,101
15%	UAH 115,160	UAH 118,990

The table ignores the cost of exchange. When you buy dollars at a bank and later sell them back, you pay the difference between the buying and selling rates twice. If a bank sells a dollar at UAH 45.60 and buys at UAH 45.00 (a hypothetical example), exchanging there and back costs 1.3% of the amount, eating roughly a third of a year's income on dollar OVDP. So currency bonds are most worthwhile for people who already have currency and do not plan to exchange it back.

A sensible approach for most people is not to bet everything on one currency. Part of your savings in hryvnia OVDP brings higher income, part in currency OVDP protects against a sharp devaluation. How hryvnia bonds compare with a deposit is explained in our guide on deposits vs government bonds.

Risks of currency OVDP

OVDP are considered one of the most reliable instruments in Ukraine because the borrower is the state. The Ministry of Finance regularly repays currency bonds on time: in July 2026, for example, it redeemed military OVDP worth EUR 368.9 million. But no instrument is risk-free.

Main risks and how to reduce them
Risk	What it means	What to do
Sovereign risk	Bonds are not covered by the Deposit Guarantee Fund; payments depend on the state budget's capacity	Do not keep all savings in OVDP, spread them across instruments
Liquidity	You can sell before maturity only at market price; since 30 June 2025 over-the-counter trades in currency OVDP go only through a central counterparty, so there are fewer buyers	Choose a term when you will not need the money and hold to maturity
Inflation in the currency	Dollars and euros lose value too, and a 3-3.5% yield only partly offsets it	Treat currency OVDP as a way to preserve money in currency
Cost of exchange	The gap between buying and selling rates reduces income if you exchange hryvnias	Buy currency in parts, compare rates, avoid exchanging back and forth
Intermediary	Bonds are held in your securities account, but you must buy through a licensed intermediary	Check the NSSMC licence, do not buy through "acquaintances" or third-party sites
Purchase price	Different intermediaries sell the same issue at different yields	Compare yield to maturity in several apps

How to check a bank or broker in the NSSMC registers is explained in our guide on how to check a broker.

How to buy currency OVDP step by step

Diia sells only hryvnia bonds, so currency OVDP are bought through a banking app with a bonds section or through a broker. The steps are as follows.

Open a currency account and fund it. A bond is paid for in the currency of its face value, so you need dollars or euros in the account. If you have none, you can buy currency in a banking app: the limit on buying non-cash currency for individuals is UAH 200,000 a month in equivalent.
Open a securities account. This usually happens automatically on your first purchase in the banking app or broker's dashboard: you need to sign an agreement. Check whether there is a fee for maintaining the account.
Choose an issue. Compare the maturity date, price and yield to maturity. Pick a term so that maturity falls when you may need the money.
Buy the bonds. Enter the quantity and confirm. Bonds usually appear in the securities account within a few business days.
Receive income. Coupons and face value at maturity arrive in the currency account specified when the securities account was opened. You can withdraw them in cash within the limit of UAH 200,000 a day in equivalent.

How to read a bond card in the app

What the fields in a currency OVDP card mean
Field	What it is	What to look at
ISIN	The unique code of the issue, for example UA4000...	Use it to compare the same issue at different intermediaries
Currency	USD or EUR	Make sure your currency account holds this currency
Maturity date	When the state repays the face value	Choose a date by which you will definitely not need the money
Coupon	A percentage of face value paid on a schedule	On its own it does not show the yield, because the purchase price differs
Price	What you pay for one bond now	It may include coupon accrued since the last payment
Yield to maturity	Annual income taking into account price, coupons and term	The key figure for comparing issues and intermediaries

A general guide to buying OVDP, including in Diia, is in our article on how to buy government bonds. You can compare income from a bond and a deposit in the calculator.

Who currency OVDP suit

A good fit or not
A good fit if	Another instrument is better if
You already have dollars or euros sitting in an account or at home earning nothing	You may need the money any day: a deposit or savings account is better
You plan spending in currency: education, medical treatment, trips abroad	You have less than USD 1,000 or EUR 1,000 of spare money
You want to protect part of your savings from devaluation	Your goal is maximum income in hryvnias: hryvnia OVDP pay more
You are ready to hold the bond until maturity	You accept risk for higher returns over 5-10 years: then look at investment funds

FAQ

Can I buy currency OVDP with hryvnias?

Not at a bank: banks settle OVDP only in the currency of the face value. First buy currency into your currency account within the NBU limit, then pay for the bond from that account.

What happens on the maturity date?

The face value and the last coupon automatically arrive in your currency account. You do not need to do anything. After that you can leave the currency in the account, withdraw it in cash within the limit or buy a new issue.

Are currency OVDP covered by the Deposit Guarantee Fund?

No. The Fund guarantees bank deposits. OVDP are the obligation of the state as the borrower, and the bonds themselves are held in your securities account and do not belong to the bank or broker you bought them through.

What is the minimum amount?

One bond, that is roughly USD 1,000 or EUR 1,000. The exact price depends on the issue and the purchase date: it can be slightly above or below face value.

Can I sell currency OVDP before maturity?

Yes, through the intermediary you bought them from, but at market price. Intermediaries buy bonds at a higher yield than they sell them, so with an early sale you lose part of the income. Since mid-2025 over-the-counter trades in currency OVDP go only through a central counterparty, so selling them may be harder than selling hryvnia bonds.

In short

Currency OVDP are government bonds with a face value of USD 1,000 or EUR 1,000; you pay and receive income in currency, with no tax.
At the latest auctions dollar bonds were placed at 3.47% and euro bonds at 3.08%; on the secondary market through an intermediary the yield is somewhat lower.
A currency deposit pays about 0.90% in dollars after tax, so OVDP bring several times more, but before maturity you can get the money back only by selling the bond.
Hryvnia OVDP beat dollar ones if the dollar rises by less than 11.3% over the year.
Diia does not sell currency bonds: they are bought through a banking app or a broker from a currency account.
Currency OVDP suit best those who already have currency and can leave it untouched until maturity.

Figures in this article

Personal income tax18%
from January 1, 2016
Military levy on salaries and interest5%
from December 1, 2024
Limit on buying currency, bank metals and foreign securitiesUAH 200,000/mo
from August 11, 2026
Military OVDP auction yield, from15.16%
Ministry of Finance auctions, September 2026
Average rate on 12-month US dollar deposits1.17%
UIRD index, 30 Oct 2026
Average rate on 12-month euro deposits0.51%
UIRD index, 30 Oct 2026
NBU official dollar rate, UAH42.08
29 Oct 2025
NBU official dollar rate, UAH45.59
29 Oct 2026
Daily limit on foreign currency cash withdrawals from a currency accountUAH 200,000
from August 11, 2026
US dollar OVDP yield at the latest auction (cut-off rate)3.47%
Ministry of Finance auction, 3 March 2026
Euro OVDP yield at the latest auction3.08%
Ministry of Finance auction, 7 July 2026

Checked against official sources on October 29, 2026. If a figure changes, we update the article and the «Updated» date changes automatically.

Sources

This article is for information only and is not investment advice. OVDP yields change with every auction and depend on the purchase price and the intermediary. The exchange rate scenarios in this article are hypothetical and are not a forecast.

Spotted a mistake or an outdated figure? Let us know and we will check it against the primary source and fix it.