Recently, there has been increased interest in various capital preservation instruments in the Ukrainian financial environment, particularly in gold and foreign currency. Since the beginning of this week, the dollar exchange rate has shown an upward trend, while the euro is setting new records almost daily, influencing the strategies of depositors and investors.
This is reported by Finway
Experts’ Advice on Buying Currency and Gold
Financial analyst Andriy Shevchishin recommends gradually building up currency reserves, considering the possibility of a significant increase in the dollar exchange rate next year. This strategy allows for risk diversification and preparation for potential fluctuations in the currency market.
The head of the Secretariat of the Council of Entrepreneurs under the Cabinet of Ministers, economist Andriy Zablovsky, advises buying dollars while the American currency is at a relatively low level. He also emphasizes the growing popularity of bank gold among Ukrainians.
“Last year, when gold prices were relatively low, Ukrainians sold gold and bought dollars, when they should have done the opposite. Over the last six months, the price of gold has increased by 25%,” Zablovsky noted.
Expert Oleg Pendzin from the Economic Discussion Club also points out the heightened demand for gold from citizens. He advises adhering to a long-term strategy and purchasing gold with the expectation of holding it for ten years. At the same time, for short-term profit, the specialist recommends placing funds in hryvnia deposits for up to 100 days and investing in domestic government bonds (OVDP).
Diversifying Your Investment Portfolio and Recommendations for Selling Currency
According to experts, buying dollars is advisable for diversifying an investment portfolio. At the same time, euros are recommended for citizens who plan to use this currency in the near future, for example, during trips to European countries.
Regarding the sale of dollars, specialists advise against taking this step. However, if euros were purchased about a year ago, experts consider it reasonable to contemplate selling them given the significant increase in the exchange rate of this currency recently.