Ukraine foreign currency bank deposits contract in July

Ukraine foreign currency bank deposits contract in July



14 серпня 2014 года
Конкорд Капитал

Ukraine’s foreign currency bank deposits fell 3.0% m/m in July, according to National Bank of Ukraine (NBU) statistics released on Aug. 13. Contracting household deposits (-2.9% m/m) was the main contributor to the decline, shaving off USD 0.5 bln from bank accounts. Corporate deposits also decreased (-3.4% m/m) by USD 0.1 bln in July. Year-to-date, total foreign currency deposits fell 26.2%, or USD 8.1 bln, to USD 22.7 bln by the end of July.



Alexander Paraschiy: This outflow trend with foreign currency deposits is among the key reasons behind the devaluation pressure on the hryvnia at the moment. USD 8.1 bln in withdrawn deposits in 7M14 was a key driver in Ukraine’s negative financial and capital accounts of USD 2.3 bln in 1H14. Against the backdrop of recent ForEx destabilization and the ongoing Donbas war, we can hardly expect any change in this trend in the nearest future. However, the good news is that the withdrawn deposits will become deposit inflows once the situation stabilizes, thus aiding hryvnia appreciation at a later stage.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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