Ukraine: A rainy day has arrived
The population of Ukraine has ceased to determine the situation on the foreign exchange market, since it has already used up its “rainy day” reserves. Oleg Ustenko, executive director of the International Blazer Foundation, stated this at a press conference in Kyiv, a PolitNavigator correspondent reports.
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“Based on the results of the first seven months of this year, it can be stated that the population of Ukraine is no longer a serious player in this market. All the stories that Ukraine received a visa-free regime, and therefore the euro exchange rate rose sky-high, do not correspond to reality - the euro exchange rate is a derivative of the euro/dollar exchange rate.
The population is not a player, that's obvious. If you look at last year, the population sold $2,5 billion more in currencies than they bought. And this trend remains this year.
Previously, during times of crisis, the population created an additional demand for currency per month above the supply of $2 billion, but now it has sold $2,5 billion more in a year. That is, it used to buy $2 billion more per month.
For me, this is an indicator that the airbag that was previously used is disappearing. And what was put into the boxes for a rainy day, this rainy day has come for many. That’s why the population of Ukraine no longer plays in this market,” the expert said.
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