Ukrainians bought a record amount of cash currency and weakened the hryvnia – National Bank
[ad_1]
In August, the population’s purchase of currency once again exceeded sales, which led to a moderate weakening of the hryvnia, although in the previous two months, Ukrainians sold more currency than they bought.
This is evidenced by the data of the National Bank, in particular, the monthly macroeconomic and monetary data review for September in 2023.
The net purchase of currency by the population last month amounted to $148.53 million.
At the same time, Ukrainians increased the purchase of cash foreign currency to $1.67 billion, and the sale – to $1.49 billion. These are the highest figures for the last year.
At the same time, natural persons sharply increased the purchase of non-cash currency to $228.31 million, although in the previous two months this figure was about $82-83 million. The sale of non-cash currency in August decreased to $260.57 million.
The increase in net demand for foreign currency at the National Bank is explained by two factors:
- the return of the seasonal factor,
- a situational increase in the demand for cash currency due to the cancellation of the license of one major player in the currency exchange market for systematic violations.
The National Bank calls these factors the main factors behind the slight weakening of the cash rate.
At the same time, at the end of the month, the spread began to narrow again, in particular thanks to the NBU’s permission to sell currency online, and exchange rate expectations remain stable.
As noted in the NBU, remittances and grant aid from the USA remained the main sources of foreign currency income on the current account.
We remind you:
During August 2023 international reserves of Ukraine decreased by 3.2% against the background of NBU interventions to sell currency to cover the difference between supply and demand on the foreign exchange market.
[ad_2]
Original Source Link
