What to do with currency: advice on preserving and earning on savings in today’s conditions
In the current economic environment, saving money in foreign currency remains a popular and justified choice for many Ukrainians.
But is it profitable now to buy or sell currency? According to Oleg Hetman, coordinator of the Economic Expert Platform, the situation on the currency market remains stable despite fluctuations, which are controlled by the National Bank through a managed flexible exchange rate regime.
Recently, the hryvnia exchange rate against the dollar fluctuates within 41—41.5 UAH/USD, and the expert assures that significant changes are unlikely before year-end.
He states that the National Bank is doing everything possible to maintain stability and will keep the rate within this range to curb inflation.
Currently, the country’s foreign exchange reserves are at a record high — around 44 billion dollars, providing confidence that stability and predictability will persist moving forward.
Hetman recommends Ukrainians keep up to half of their savings in foreign currency, while the other half should be invested in reliable, highly liquid securities, such as government bonds (OVDP) offering anannual yield of 16-17%.
This strategy allows for an additional income of up to 10% annually.
Considering the current trend, bank deposits also remain an important component of a balanced portfolio.
Given the average official hryvnia rate about 41.28 UAH/USD, this advice can help Ukrainians preserve and grow their savings even amid challenging conditions.