Demand for US dollars in cash has normalised after a fivefold increase

Since the removal of all restrictions on US dollar cash transactions, demand for their purchase at Pivdenny Bank has normalised.

According to Pivdenny Bank statistics, from 10 March to 13 March, during a sharp rise in the dollar, bank clients began buying the currency in large amounts. Compared to the same period in January-February this year, demand increased 5.5 times.

“The sharp currency rate increase caused a panic. Clients began to buy cash in large amounts. The peak for dollar sales came on 11 March, the day the government imposed a nationwide quarantine,” commented Olga Kolomiyets, Head of the Product Development Unit of the Retail Business Department at Pivdenny Bank.

From 18 March, cash dollars and euros have been delivered to Ukraine at a delay. This was cause by the suspension of airline transport, because that is how cash currency is transported to Ukraine. As a result, banks were forced to suspend currency transactions. Following the auctioning conducted by the National Bank of Ukraine of the sale of euros and later US dollars, cash transactions with banks resumed. The situation fully stabilised on 30 March, when all foreign exchange transactions were resumed without restrictions.

“Now the situation with buying currency is relatively stable. Demand is three times lower than in the same period in January-February this year. There is no cash shortage at the bank, nor rush buying. Realising that it is possible to buy dollars at any moment, clients have calmed,” Olga Kolomiyets emphasised.

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