Ukraine foreign currency deposit outflow slowing

Ukraine foreign currency deposit outflow slowing



8 липня 2015 года
Конкорд Капитал

Ukraine’s foreign currency deposit portfolio declined only 1% in June, said National Bank of Ukraine (NBU) Head Valeriya Gontareva during a meeting with the representatives of the nation’s 40 largest banks, the NBU website reported on July 7. “That was the best result of the last few months and we expect increases already in two months,” she said, referring to the commercial bank’s foreign currency deposit portfolio. “We hope banks will be able to strengthen their deposit portfolios by the year end,” she said. The commercial bank’s hryvnia deposit portfolio increased 1.9% in June and it was the fourth consecutive month of hryvnia deposit growth, she said.

Alexander Paraschiy: Returning foreign currency to the central bank’s accounts is critical for stabilizing the banking system. The slowing speed of foreign currency deposit withdrawal is a good sign and this trend will have a positive impact both on gross international reserves and the hryvnia exchange rate. Still, we should keep in mind the ongoing fragile financial situation, especially in the context of the continuing talks about a potential sovereign default. Against this backdrop, we cannot share Gontareva’s optimism about commercial banks increasing their foreign currency deposit portfolios by the year end. Moreover, should a moratorium on external debt repayments be imposed, we expect a new wave of deposit outflows from the banking system.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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