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Rejection from a fixed exchange rate: Ukrainians buy almost $300 million a week

Photo: Athletistic

The NBU recorded the largest demand for money in the cash market, where the net purchase of money by the population reached $187 million.

In the first week after the decision of the National Bank of Ukraine to abandon the fixed exchange rate of the hryvnia and switch to its controlled flexibility mode, the net purchase of foreign currency by the population reached $291.8 million, which is 2.3 times more than. in the last week of September. It was reported by Interfax-Ukraine.

According to the NBU, the highest demand of the population for foreign currency was recorded on October 2 and 3 – on the day of the announcement of the change in the exchange rate regime and on the first day of the abandonment of the fixed exchange rate, the net purchase of the foreign currency these days reached $85.9 million and $82 million.

At the same time, in the last days of the previous week this number dropped to $37.4 million and $39.5 million, respectively.

The National Bank recorded the largest demand for money in the cash market, where the net purchase of money by the population in the last work week reached $187 million, which is 2.7 times higher than the previous week. However, during the week, the demand for cash currency decreased: from $70.5 million on Monday to $55.7 million on Tuesday and up to $17 million in the last two days of the previous week, returning to the levels observed in the last days of September .

In the non-cash market, the net currency purchase of the population increased during the week by 1.8 times – to $104.8 million, but there was no such noticeable fluctuation, amounting to about $20 million daily.

In general, in the last week, the dollar in the exchange offices only increased in price by about 13 kopecks – to the level of 38.13 UAH/$, although on the day of the regime change its rate reached 38.3 UAH/$. This week the Hryvnia strengthened by approximately 5 kopecks.

In the non-cash market, during the week of changes in the exchange rate regime, purchases of foreign currency by bank clients increased by 35.3% – up to $1.71 billion, while sales decreased by only 6% – up to $0.83 billion.

At the same time, the volume of transactions between banks jumped by 86.3% – to $1.44 billion.

In the non-cash market, the main surge in demand occurred on the first day of the new exchange rate regime – October 3: customer purchases increased to $559 million, transactions between banks – up to $602 million, while in the last two days of the week these numbers dropped, on average, to $264 million and $192 million.

At the same time, on Thursday-Friday, currency sales increased to $200 million per day from $123 million on the day of the regime change and $150 million on other days of the week.

We remind you that on October 3, the National Bank introduced a regime of managed flexibility of the exchange rate. Before this, since the beginning of the war, the regulator maintained a fixed exchange rate of the hryvnia against the dollar, initially 29.25 UAH/dollar, and from July 21, 2022 – 36.57 UAH/dollar.

Now the banks will sell and buy money at a free rate without the limit of 1% of the official rate that has been in force since the beginning of the war. Taking into account the exchange rate in the interbank market, the NBU will set the official rate. However, the regulator promised to significantly limit changes in the exchange rate, preventing both a significant weakening of the Hryvnia and a significant strengthening. Last Friday, October 6, the dollar fell for the first time since the introduction of a flexible exchange rate.

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Source: korrespondent

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