The Hryvnia Strengthened: Analyst Explained Why the Demand for the Dollar Decreased in Ukraine.
Decrease in Demand for the Dollar in Ukraine
Financial analyst Andriy Shevchishin explained the reasons for the decrease in demand for the dollar in Ukraine. According to his statement on Facebook, last week the hryvnia strengthened, which led to a decrease in the dollar exchange rate on the interbank market to a level below 42 hryvnias per dollar. Although the stabilization of the exchange rate was expected, such a sharp decline causes concern.
Shevchishin explained that the demand for currency on the interbank market decreased by 15%, while supply increased by 2% due to the tax period. This resulted in a decrease in the currency deficit by almost 40%. The National Bank of Ukraine also reduced its currency interventions by 25%.
The analyst noted that the population, having spent money on holiday and New Year's expenses, began to sell dollars to replenish hryvnias. As a result, cashless transactions nearly reached a balance.
Meanwhile, Shevchishin pointed out that the dollar exchange rate has decreased to the point where it has become attractive for speculators and will improve the positions of importers. However, he emphasized that global trends almost do not affect the domestic market of Ukraine due to managed flexibility and currency interventions of the NBU.
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