Ukrainian hryvnia became much stronger in 2019, recovering from 28 UAH for 1 USD in January to 24.65 UAH on 15 October. But did it change the preferences of money-savvy Ukrainians about keeping savings in foreign currencies?
Poll results: Ukrainians still prefer to keep savings in foreign currencies
Despite the recent recovery of the Ukrainian national currency, locals are still wary of keeping their savings in hryvnia, a poll by Segodnya.ua discovered.
Moreover, 40% of respondents pointed out they have no ability to save money because of the low incomes they receive.
From the rest of the people who are able to accumulate financial reserves, the largest share (27%) keep them in Euro, US Dollar or Pound, while further 25% split their funds between hryvnia and foreign currencies.
Only 8% of the respondents stated they keep savings in UAH.
The triumphant upturn of the local currency didn’t make all the people feel safe enough to exchange the money from dollars and euro. At the same time, some people might have paid more to buy dollars, so they don’t want to cope losses, thinking that the tide may turn again soon.
A little bit of history
Hryvnia was losing grounds in relation to the US dollar rapidly after Russia’s takeover of Crimea in 2014, reaching the official exchange rates of close to 29 UAH for 1 USD. In exchange kiosks it wasn’t unusual to ask for over 30 UAH for 1 USD at times.
- 1 USD was worth only 8.23 hryvnia on 2 January 2014.
- But by April it was over 11 UAH, and by February 2015 it reached the level of 28.48.
Until 2019, hryvnia wasn’t doing well. But in March this year, just before the new Ukrainian president Zelensky was elected, the national currency recovered to 26 and then in August to 25. Another hike to 24 was achieved at the end of September.
Will Ukrainian hryvnia recover further, prompting the chance in saving habits of residents? Or will it drop again soon? What do you think?
Share this article
CommentsКомментарии ( 0 )