Population continues to buy FX
During March, the NBU had to sell USD 250mn to balance supply and demand on the local FX market. The population has purchased USD 1.1bn of foreign currency cash due to fears of rising inflation, preventing the balance of payments from remaining positive.
The news is bond price and exchange rate negative, as it indicates that demand for foreign currency as a safe haven is still very much in strength. However, April typically has seasonal weakness in FX demand. We should this see pressure from foreign currency purchases diminish in the short term.
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