Ukrainian businesses withdrew a record UAH110bn ($2.7bn) from the banking system in the first quarter of 2026, even as corporate investment activity reached its highest level since the start of the full-scale war, reported Ukraine Business News.

The outflow between January and March surpassed even the capital flight seen in early 2022, when Russia launched its invasion. Companies also drew down foreign currency holdings, withdrawing $329.5mn from accounts, according to the National Bank of Ukraine (NBU).

The central bank said the trend reflects companies’ preference to finance operations using existing liquidity rather than take on costly new loans in a high-interest environment. Seasonal factors and the start of a new business cycle also contributed to the acceleration of withdrawals.

In March alone, hryvnia deposits and current account balances of businesses fell by UAH12.7bn, marking the largest monthly decline in more than two years.

Households also tapped into savings, withdrawing $56.8mn from foreign currency accounts, the highest level in seven months. Total foreign currency deposits now stand at $11.05bn. The NBU said many individuals are reallocating funds into domestic government bonds, which offer more attractive returns than bank deposits.

Despite the liquidity drawdown, corporate investment activity is strengthening. According to the Institute for Economic Research, 59% of Ukrainian companies invested in 2025, up from 45% a year earlier and slightly above pre-pandemic levels.

Industrial sectors led the trend, with 71% of metal and metalworking firms reporting investments, alongside 69% in food production and 68% in chemicals. Most companies focused on replacing or repairing equipment, while a growing share channelled funds into expanding production capacity.

Looking ahead, 51% of firms plan to continue investing in 2026, suggesting that despite financial pressures and ongoing risks, Ukrainian businesses remain committed to sustaining operations and preparing for future growth.