13:15 26.01.2018

Supply of currency from public exceeds demand

2 min read
Supply of currency from public exceeds demand

Supply of currency from the public, despite temporary splashes in buying activity, still exceeds demand on currency, Head of the Council of the National Bank of Ukraine (NBU) Bohdan Danylyshyn has said.

"Worsening of the exchange rate expectations stimulated demand for cash foreign currency from the population. However, the population continues to sell more currency than buy, thus spending its savings on consumer purposes," he wrote on his Facebook page.

According to him, in December 2017 and January 2018 there was a reduction in supply of foreign currency from exporters, including that they prefer to keep their money abroad. The increase in demand for currency mainly from gas traders and fuel- power complex was recorded.

"As a result, in December-January there was a revival of demand for noncash foreign currency," Danylyshyn said.

He said that temporary excess of demand over the supply does not carry any threat to the national currency. The situation is under the control of the NBU and under the supervision of the NBU Council.

He also said that the NBU Council intends to discuss the state of the currency market, the pace of the hryvnia exchange rate and monetary aspects of the exchange rate pace at a meeting on January 30.

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