Головна сторінка
/
Новини
/

Individual demand for foreign cash in Ukraine rises in September

Individual demand for foreign cash in Ukraine rises in September

15 October 2014

Net individual demand for foreign cash in Ukraine increased to USD 265 mln in September compared to USD 201 mln in the prior month, the National Bank of Ukraine (NBU) reported on Oct. 14. For 9M14, net individual demand for foreign cash was USD 2.0 bln, which is 2.1x more than a year ago (USD 941 mln).

 

Alexander Paraschiy: Individual demand was somewhat lower in September than we anticipated. We assumed that the reported USD 735 mln in net interventions of the NBU on the ForEx were primarily intended for individual demand. The currency panic also seemed to promise higher cash purchases by Ukrainians, to be reflected in statistics. However, it looks like state restrictions on cash foreign currency purchases (one cannot buy more than USD 200 in one transaction) and a foreign cash deficit at the exchange offices dampened the figures.

 

Yet this means that foreign currency cash withdrawals (USD 1.1 bln in September) were probably the driving force. Consequently, the bulk of the ForEx interventions were allocated to support private banks, which is a disturbing development. Unfortunately, we are not observing any stabilization at the ForEx, which prompts us to expect further increasing individual demand for foreign cash. At the same time, net retail purchases of dollars might be much smaller m/m in October, due to banks’ apparent unwillingness to sell dollars to individuals.

Останні новини

News

23

02/2022

Separatists may claim entire territories of two Ukrainian regions

Russia has recognized “all fundamental documents” of the self-proclaimed Donetsk and Luhansk People’s Republics (DNR...

News

23

02/2022

U.K. to provide USD 500 mln loan guarantee for Ukraine as IMF mission starts

The British government is going to provide up to USD 500 mln in loan guarantees...

News

23

02/2022

MinFin bond auction receipts jump to UAH 3.5 bln

Ukraine’s Finance Ministry raised UAH 3.3 bln and EUR 7.2 mln (the total equivalent of...