In November 2024, Ukrainians continued to actively purchase foreign currency, buying 724.2 million dollars more than they sold. Although this is a 3% decrease compared to October, the volumes of currency transactions remain consistently high, indicating a sustained demand for the dollar in the cash market.
This is reported by Finway
Features of the Cash Market and Year-End Summary
In the cash currency market in November, the Ukrainian population sold 1,356.1 million dollars and bought 2,080.3 million dollars. By the end of 2024, the positive balance of currency purchases amounts to 11.05 billion dollars — this is how much the volume of purchases exceeded sales.
In the first week of December, according to Anna Zolotko, director of the treasury operations department at Unex Bank, there was a moderate stabilization of the hryvnia exchange rate with a slight tendency to strengthen at the end of the period.
“The trend of the first winter week can be characterized as moderate stabilization with a slight advantage towards strengthening by the end of the period.”
After a slight weakening of the hryvnia on December 2, when the exchange rate reached 42.3413 hryvnias per dollar, by December 5, the rate decreased to 42.18 hryvnias per dollar. Overall, the national currency strengthened by 8 kopecks, or 0.19% from the level on December 1.
Expectations and Forecasts for the Market
Anna Zolotko forecasts that at the beginning of the second week of December, the currency market will remain in a state of balance between supply and demand, driven by export-import operations. More noticeable fluctuations in the exchange rate are possible in the middle of the week.
Experts from the investment company ICU report that the National Bank of Ukraine significantly increased the volume of currency interventions last week to cover the deficit in the interbank market, which contributed to the strengthening of the official hryvnia exchange rate. Analysts also note that by the end of the year, a gradual approach of the exchange rate to the level of 42.5 hryvnias per dollar is expected, while fluctuations in the currency market will remain.