Page 78 - UKRRptDec23

7.0 FX
Data Google sheets import from here
https://docs.google.com/spreadsheets/d/1bMH5wBwqnIm_vgMxUi3yYkbBSPHhpqXBSJoylo7Fcko/edit#gid=1439190 079
Ukraine FX
Oct 2022
Nov 2022
Dec 2022
Jan 2023
Feb 2023
Mar 2023
Apr 2023
May 2023
Jun 2023
Jul 2023
Aug 2023
Sept 2023
Oct 2023
Currency (units per EUR) (average)
36.90
37.69
39.06
39.60
39.60
39.39
40.48
40.48
40.14
40.14
40.26
39.38
39.08
Currency (units per USD) (average)
36.21
36.85
36.86
36.76
36.76
36.81
36.85
36.83
36.90
36.90
36.92
36.92
36.12
source: NBU
Since the beginning of the war, exporters of agricultural products have not repatriated $3B in foreign exchange earnings to Ukraine. This is 70-75% of what traders from various industries have stored outside of Ukraine since the beginning of the war, writes Bloomberg. The head of the NBU, Andriy Pishnyi, previously stated that exporters have left about $8B outside of the country, significantly affecting the Ukrainian economy.
The EU's use of Russian assets to help Ukraine will harm the euro.
European Central Bank Vice President Luis de Guindos said: "Our position on using dividends and interest from frozen assets is clear. First, it must be a global solution, ideally involving all members of the G7. In addition, we need to be careful because it could lead to reputational damage.” This, he said, would have consequences for the euro as a safe-haven currency.
The Ukrainian Treasury lost ₴45M in the first month after introducing a flexible exchange rate. The State Treasury’s hryvnia revenues from the sale of foreign currency following the abolition of the fixed dollar exchange rate were ₴45.18M less than they could have been if the exchange rate had remained fixed at ₴36.6 per $1. From October 2 (when the NBU announced the transition to a flexible official rate regime) to October 31, 2023, Ukraine received $1.15B in US grants and €1.5B in macro-financial assistance from the EU. At the same time, the government used only part of this amount, namely $970M and €433M, for budget calculations. The remaining foreign currency receipts remained in the budget's foreign currency accounts. After October 2, the official dollar rate began to fluctuate, and for most of the last month, its value was lower than before the changes to the fixed exchange rate policy.
The Verkhovna Rada has authorized, until December 31, 2024, one-time
sales of Russian and Belarusian rubles in non-cash form from accounts
in resident banks that were frozen with the onset of full-scale aggression,
through non-Russian and non-sanctioned banks.
78 UKRAINE Country Report December 2023 www.intellinews.com