Ukraine preps for currency influx ahead of September 1st as exchange points anticipate increased activity
Every year, leading up to September 1st, Ukraine witnesses a notable surge in currency exchange activity across the country.
This period is characterized by a mass withdrawal of savings in foreign currency by local residents, eager to purchase school supplies, clothing, and footwear before the start of the new academic year.
Traditions have established that during this time, exchange offices experience increased volume as parents liquidate their foreign currency reserves to cover upcoming expenses for their children.According to analyst Oleksiy Kozyrev, this period sees a significant increase in currency deposits in exchange points since parents are actively converting their savings to finance the purchase of stationery, uniforms, and shoes for their children.
“Before the new school year begins, I expect the exchange points to see a rise in currency turnover, as parents scramble to get their last-minute shopping done,” explains Kozyrev.Regarding exchange rates, cash dollar prices in most exchange points during the upcoming weekend will likely stay within the range of 41.00 to 41.30 UAH for buying and 41.35 to 41.75 UAH for selling.
The euro exchange rate will fluctuate between 47.70–48.30 UAH for buying and 48.35–48.70 UAH for selling.
Due to fierce competition among exchange shops, operators will be limited in how much they can lower buy rates without losing customers.
They will need to maintain rates close to the average market value, or risk clients turning to nearby competitors.Experts estimate that the total additional cash flow into exchange offices this weekend could reach between $25 million and $45 million, providing a substantial influx of foreign currency onto the market.
“To secure the best exchange rate during these days, I recommend Ukrainians monitor currency prices via mobile apps or visit 2-4 exchange points to compare and choose the most favorable rate,” Kochyev advises.