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The hryvnia has depreciated since the beginning of September
The increase in the cash supply attests to the continuation of negative trends in reducing household savings, said Bohdan Danylyshyn.
Turbulence is observed in the financial market of Ukraine in September. The hryvnia exchange rate against the dollar since the beginning of the month has devalued by 2.1% and the demand for the currency prevails over its supply by an average of 23 million dollars per day. This was announced by the Chairman of the Board of the National Bank Bohdan Danylyshyn on his Facebook page.
According to him, the excess demand for foreign exchange is satisfied mainly due to the foreign exchange position of the banks, as well as due to the interventions of the NBU. Since the beginning of September, the balance of NBU’s interventions in the interbank market amounted to minus $ 77 million.
At the same time, noted the head of the NBU Council, the prevalence of foreign currency supply over demand continues to be observed in the cash currency market (since the beginning of September, banks have acquired $ 113 million, since the beginning of 2020 – more than $ 1.2 billion).
“On the one hand, an increase in the supply of foreign currency in cash contributes to the equilibrium of the exchange market, on the other hand, it indicates the continuation of negative trends to reduce household saving, whose dynamics have turned negative since the 1st quarter of 2019. In other words, this indicates that the population is “eating” savings. Danilishin added.
As a reminder, on September 23, the National Bank again weakened the official hryvnia exchange rate, to 28.20 hryvnia to the dollar. The US currency rose to its highest level since the beginning of 2020.
It was also reported that, according to the forecast of Alpari analysts, the dollar is expected to rise against the hryvnia over the next week. According to the forecast, the dollar will exceed the level of 28.50 hryvnia.
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