In the context of the rapid rise in the exchange rate of major currencies in Ukraine, citizens have the opportunity to profit from their savings in dollars and euros. In recent weeks, the hryvnia has weakened, increasing interest in purchasing foreign currency and currency securities.
This is reported by Finway
Experts’ Positions on Buying and Selling Currency
Financial analysts express differing opinions on whether it is advisable to buy or sell dollars right now. Andriy Shevchishin, a member of the Ukrainian Society of Financial Analysts, recommends that Ukrainians invest in dollars at this time, predicting that in two years the yield on such savings could reach around 8% per annum at an exchange rate of 45 hryvnias per dollar.
“At the same time, there is no risk of losing funds, and access to savings is available 24/7,” the analyst explained.
Meanwhile, Andriy Zablovskyi, head of the Secretariat of the Council of Entrepreneurs under the Cabinet of Ministers, warns against hasty currency purchases. He believes that the current frenzy in the currency market is related to a shortage, which always provokes speculative price increases. Zablovskyi advises against buying dollars “at the peak,” as the exchange rate may decrease after the situation stabilizes.
Deposits and Alternative Savings Strategies
Oleg Pendzin, an expert from the Economic Discussion Club, recommends placing hryvnia deposits until the end of October, but only for a short term – up to one month. According to the specialist, the yield on such deposits may be approximately 1% per month, so the deposit amount should be substantial to yield a noticeable profit. After the deposit term ends, Pendzin advises converting the funds into currency or purchasing dollars in cash.
All surveyed experts agree that selling dollars or euros right now is not advisable without a pressing need. Such a move could lead to a loss of potential profit in the event of further increases in the exchange rate.