Alas, as far as I've read, Ukrainian bank accounts can be held only by permanent residents, or temporary ones until they leave Ukraine. To become a permanent resident, you have to do business, or find a job, or enter a university, or marry a citizen, or have a child with a citizen, etc. there. Otherwise you'll be allowed to hold an account only while you're inside Ukraine, so not more than for 90 days within any 180-day period. But you can find a trustworthy resident to put your money into an account in his/her name.
There indeed are 4-month CDs in hryvnyas in Ukraine with interest rates up to 24.5% (annualised), and even 18-month CDs with floating rates up to 33% in Belarusian rubles in their home country (a very rare currency outside of it) - but those currencies are less liquid (there are fewer transactions with them worldwide) and thus more volatile than the dollar.
The Ukrainian economy is doing deflational wonders right now
but there were many years with 2-digit inflation rates. As far as Belarus, as the extreme case, the two devaluations of 2011 when the BYR/USD x-rate grew from 3100 to 8600 are still not forgotten, and there are rumours about further devaluation right now as the export problems have gone nowhere since then
Plus in poor countries there are many bad debts, so there's some probability of a bank crisis. Deposits are protected up to a certain amount ($18750 in UA), but getting that money back from the state is a hassle (much like getting FTP funds from the DOJ).
Also, think about travel expenses.
Last edited by coon74; 08-10-2013 at 08:11 PM.
Reason: Erratum to account opening rules and rates.