Exchange rate will not grow from currency hype – expert

The July increase in demand for purchase of foreign currency will not affect the further hryvnia devaluation.
Head of the information-analytical center Forex Club Ukraine Mykola Ivchenko said, a Ukrinform correspondent reports.
“An increase of demand is observed on the cash market. That is, people bought more foreign currency than sold,” the expert said.
But according to Ivchenko, increased demand for foreign currency purchase is temporary and will not take a permanent trend due to low purchasing power of the population.
“The exchange rate rises, but real and nominal wages and income are lower, therefore, demand for foreign currency on the cash market will not be the main generator of the rate rise,” he said.
To remind, in July, Ukrainians purchased foreign currency from banks in the amount of USD 675.1 million and sold – USD 467.3 million, while in June the citizens bought by USD 102.5 million less than sold.

11.08.2014 15:48

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