The National Bank sold $789.5 million on the interbank foreign exchange market in the first week of 2024.
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According to the NBU, during the same period (January 1-5), only $0.2 million was purchased.
Demand for the currency increased at the end of 2023 and continues to persist, but according to Deputy Chairman of the NBU Sergei Nikolaychuk, this is a seasonal phenomenon, and the hryvnia is now stronger than in the fourth quarter of 2022.
Ukrainians have set a monthly record for currency purchases over the past 11 years. In December, net purchases amounted to $1.026 billion. There was more in November 2012 – then the net purchase amounted to $1.523 billion.
However, Ukraine’s international reserves increased for the first time since September to $40.507 billion. Such data was published on the National Bank website at the beginning of the year.
Rakurs reported that at the end of 2023 the hryvnia weakened. Due to record budget spending in December, demand for foreign currency increased. In addition, traditionally at the end of the year the population bought foreign currency.
Also, the foreign exchange market was under pressure from psychological factors associated with the delay in the provision of international assistance. The fighting in Ukraine does not stop and this determines the need for funding.
Source: Racurs
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