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approximately UAH41.16 per dollar. This projection marks a slight shift from earlier expectations, as in July, the prediction stood at UAH40.54 per dollar.
More specifically, financial analysts forecasted a rate of UAH39.99 per dollar (based on data from September), business managers predicted UAH40 per dollar (based on data from August), and the general population of Ukraine foresaw UAH39.96 per dollar (based on data from September).
The NBU has affirmed its commitment to maintaining exchange rate stability and preventing significant market fluctuations or the depreciation of the hryvnia.
Serhiy Nikolaychuk, Deputy Chairman of the NBU, highlighted the central bank's substantial efforts in establishing the necessary conditions for a stable foreign exchange market during the transition to managed exchange rate flexibility, UBN reports.
One key initiative has been the offering of attractive rates for hryvnia instruments, contributing to the reduction in the demand for foreign currency and alleviating pressure on the foreign exchange market. The NBU's proactive measures aim to ensure the continued stability of the hryvnia and minimize disruptions in the currency market.
Ukrainians hold more than $100B in cash. The total amount of cash savings belonging to consumers and businesses in foreign currency outside banks in Ukraine is $116B, NBU Council member Bohdan Danylyshyn said. "Households and businesses keep the main part of their financial assets in foreign currency," he said. According to Danylyshyn, during the war the share of foreign currency assets in the total financial assets of businesses and individuals increased from 65% as of January 1, 2022, to 69% as of September 1, 2023. "More than 85% of foreign currency assets is in cash," he said. It is noted that hryvnia assets in the structure of financial assets of households and businesses make up 31%, of which hryvnia in cash accounts for 31%, household term deposits - 11%, business term deposits - 11%, and current accounts - 42%.
Ukraine will develop a procedure for managing seized cryptocurrency.
The Agency for Search and Asset Management, the Cyber Police, and the SBU discussed the management of digital assets. Work is currently underway on an updated draft law on virtual assets. It could be adopted at the end of the year.
64 UKRAINE Country Report November 2023 www.intellinews.com