Ukrainians change hryvnia deposits to foreign currency

Amount of balances in national currency has decreased by 1.4% – by 2.44 billion to 177.5 billion UAH – informed the "Kommersant-Ukraine" newspaper.

The people has almost twice reduced the amount of the deposits in banks. In September, the financial institution attracted from individuals only 2.3 billion hryvnias, while in August it was 4.3 billion hryvnias.

In early autumn banks faced the strongest since the beginning of the year outflow of funds from the hryvnia deposits.

 This year, the outflow rate was observed only once – in July, but only by 0.7 billion UAH.

As the newspaper writes, most of the money were returned to the banks, but on foreign currency accounts.

The demand for foreign currency in September was a record for the past 12 months – 2.9 billion dollars, of which the deposits received 611 million dollars – the maximum rate from the beginning of the year.

This significant influx was expected, since in the summer the foreign exchange savings were increasing – in each month by 354 million dollars, 420 million dollars and 503 million dollars respectively.

Increased demand for foreign currency deposits was fueled with devaluation expectations and growth of rates for deposits in dollars and euros.

As you know, earlier the Prime Minister Mykola Azarov said that the current deposit rates reduce the ability of financial institutions to credit to the real economy.

Recently Director of Analyzing and Forecasting in the Money Market Department of NBU Serhiy Korablin said that from January to September 2012 net currency inflow in Ukraine amounted to about 10 billion dollars.

As reported, September 20, the Prime Minister Mykola Azarov said that the government forecasts average exchange rate for 2013 at 8,11-8,2 hryvnia per dollar, and this prediction was used to prepare the draft budget for the next year.

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