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Ukrainian depositors switch to foreign currency from last November

February 19, 2014, 17:58 UTC+3 19
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MOSCOW, February 19. /ITAR-TASS/. Last November Ukrainians started switching their deposits to foreign currency, President of VTB24 Mikhail Zadornov told journalists on Wednesday.

Before November, he added, Ukrainian people actively saved their earnings in hryvnias, as the rate was 20-22% per annum, but in November changed their choice in favor of dollars and euros.

According to Zadornov, the trend was observed not only in the Ukrainian subsidiary but the system as a whole. In late 2013 mortgaging almost ceased, car lending was very weak as well, he added.

Instability of the Ukrainian banking sector is a long observed trend and sees no changes at the moment. “Ukraine's hryvnia devaluation is two years late,” Zadornov believes.

As reported earlier, clashes of protesters and the police on Independence Square in Kiev led to a collapse of the hryvnia and Ukrainian corporate stocks. On Wednesday, the dollar went 2.02% up to 9.08 hryvnias in the interbank market.

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