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Lending in Ukraine is booming.
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Chart of the week: Lending boom suggests war is new normal for Ukrainians

by Luca Léry Moffat

Ukrainians continued a borrowing spree in 2025, suggesting that households and companies are settling into a new normal as the country approaches the fifth year of Russia's full-scale invasion. While new loans plummeted in the first few years of the full-scale invasion, borrowing started to pick up in 2024. By last year, the total value of loans taken out by Ukrainian households and companies was 50% and 27% higher than in 2023, respectively, according to data from Ukrainian think tank Center f

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The Kyiv Independent’s Business Desk covers the biggest news in business, economics, and tech from Ukraine, as well as global developments that shape the economy of the region.

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