Ukrainian banks import a record amount of foreign currency into the country
27 January 2024 16:06
In 2023, Ukrainian banks imported a record amount of foreign currency equivalent to USD 9.5 billion since 2014. For comparison, back in 2022, this figure was $5.9 billion, according to the National Bank of Ukraine. This is reported by UNIAN, according to 
Most of the currency was imported to Ukraine in December – $1.3 billion, which in monthly terms is also a record figure since January 2014 (when the Ukrainian foreign exchange market was replenished with the equivalent of $12.4 billion)
As financial analyst Oleksiy Kushch explained to UNIAN, the record figures were achieved due to the easing of currency restrictions by the National Bank.
“Obviously, both the record volumes of foreign currency imports and purchases by the population in December are due to the fact that on the first of the month the National Bank lifted all restrictions on banks and exchange offices selling foreign currency. Accordingly, households took advantage of this. An additional factor was seasonal – in the last month of the year, Ukrainians receive the highest income, and traditionally part of it is converted into foreign currency,”
– the expert notes.
According to the NBU, in 2023, Ukrainians purchased $4.8 billion from financial institutions, including more than $1 billion in December alone, which is the highest figure in the last 11 years.
“We are in a special situation now – there is a war going on. People have virtually nowhere to invest. Previously, the real estate market was such an area, but now it is in a deep crisis. Thus, people have only one way to save their savings – to convert hryvnia into dollars and keep them “under the mattress”. Where do we get our dollars from? From abroad. This is the reason for the import of a record amount of cash currency,”
– explains Oleg Pendzin, a member of the Economic Discussion Club.
