In the June report on macroeconomic stability of the National Bank of Ukraine, it is indicated that after the easing of restrictions on currency exchange and subsequent placement on deposits, the demand for the service of exchanging hryvnia for foreign currency has significantly decreased.
Against this background, there is a decrease in the volume of term deposits of the population in foreign currency, which is confirmed by NBU data.
For the period since the beginning of the current year, the share of currency funds in client deposits is approximately 32%, which is a historically low indicator. Banks continue to refrain from actively attracting foreign currency deposits due to limited opportunities for their effective investment.
Due to high interest rates on foreign currency assets, banks provide additional income by placing funds in low-risk instruments such as deposits in foreign banks and investment grade bonds. However, the expected decline in key rates in developed countries is projected to reduce these opportunities in the future.
Therefore, according to the National Bank of Ukraine, banks will continue to have no incentive to actively promote foreign currency investments among clients.
