The Ukrainian foreign exchange market is recording divergent trends for major foreign currencies. The National Bank of Ukraine (NBU) updated official rates for Friday, July 17, confirming the trend established in recent days: the US dollar continues to decline, while the Euro demonstrates growth.
Dollar falls, Euro strengthens
According to the regulator, the official exchange rate for the US dollar on July 17 is set at 44.61 hryvnias. This is 13 kopecks lower than the previous day's figure, when the cost of the "greenback" was 44.74 hryvnias. Thus, the American currency is showing a decrease in value against the national currency for the second day in a row.
In contrast to the dollar, the European currency has become more expensive. The official exchange rate for the Euro on July 17 reached 51.16 hryvnias, increasing by 10 kopecks compared to Thursday, July 16, when it was equal to 51.06 hryvnias. The European currency continues to strengthen, creating a situation in the market where the two main currencies are moving in different directions.
Forecasts for depositors: "Deposit race" not expected
Amid exchange rate volatility, many citizens are thinking about preserving their savings. Market experts give a cautious forecast for the second half of the year. Dmytro Zamotaev, Director of the Retail Business Department of Globus Bank, noted in a comment to RBC-Ukraine that sharp changes in the deposit market are not expected in the coming months.
In the expert's opinion, banks are unlikely to initiate a new "deposit race" for depositors. Rates may be adjusted only selectively, and only in the event of serious macroeconomic factors that could affect the situation.
Capital preservation strategy
Specialists offer a number of recommendations for those planning to place funds in a deposit. First of all, it is necessary to clearly determine the term for which the funds will definitely not be needed. It is also critically important to compare the offered rates with the projected inflation to avoid losing the real purchasing power of savings.
Key factors when choosing a deposit remain the consideration of currency risks and a detailed study of the conditions for early termination of the contract. The expert advises against investing all funds into a single instrument, but rather using a diversification strategy — distributing savings between several deposits with different terms.
"The best deposit is, first and foremost, an optimal combination of rate, term, reliability, and convenience," concluded Dmytro Zamotaev, emphasizing that a high rate should not be the only criterion for choice.
