Our source in the OP said that the law on mobilization caused the withdrawal of almost one hundred billion hryvnias from bank deposits, which Ukrainians then used to buy foreign currency. The NBU is trying to solve this issue at the expense of its reserves and stabilize the banking sector.
In May of this year, the population of Ukraine bought 971.5 million dollars more currency than they sold, which was a record for the period since the beginning of this year. This information was made public by the National Bank of Ukraine.
According to the data of the National Bank, on the cash foreign exchange market in May, the net purchase of foreign currency by the population exceeded the sale. Ukrainians sold currency in the amount of 1,271.2 billion dollars, and bought in the amount of 2,242.7 billion dollars.
During 2023, the population of Ukraine purchased currencies by 3,362.1 billion dollars more than they sold.
The National Bank previously reported that the net demand of customers for foreign currency through non-cash transactions increased by 41% in May due to an increase in budget expenditures related to international aid that arrived in March-April.
According to representatives of the National Bank, exchange rate dynamics were also affected by the end of the period when significant situational surges in demand for currency were observed on the market, as well as the activation of budget expenditures.
NBU council member Vasyl Furman also noted that many factors affect the hryvnia exchange rate, but the situation is generally controlled by the National Bank of Ukraine.
