Banks increased cash withdrawals at cash desks: what they gave out money for most
Kyiv • UNN
In the first quarter of 2024, banks' cash turnover increased: cash receipts increased by 4.8% and disbursements by 14.8% compared to the same period in 2023, indicating a recovery in economic activity due to higher wages, social payments, a stable foreign exchange market and low inflation.
In the first quarter of 2024, banks' cash turnover increased: cash receipts increased by 4.8% and disbursements by 14.8% compared to the same period in 2023, indicating a recovery in economic activity, the NBU reported on Wednesday, UNN writes.
Details
"In the first quarter of 2024, the cash turnover of banks increased," the National Bank said.
According to the NBU, cash inflows to banks' cash desks amounted to UAH 629.8 billion in January-March this year. This is 4.8% more than in the same period of 2023. Cash withdrawals from banks' cash desks increased slightly more significantly last year, by 14.8%, and amounted to UAH 649.1 billion.
The National Bank explained this by "further revival of economic activity". "This, in particular, was facilitated by an increase in wages and social payments to the population, the persistence of a stable situation in the foreign exchange market and low inflation, as well as seasonal factors," the statement said.
At the same time, in the first quarter of 2024, banks traditionally issued the largest amounts of cash from cash desks for (% of total expenditures):
- of customer transactions using payment cards - 84.8% (as due to the uncertainty associated with martial law, cash remains an affordable and fast payment instrument for retail transactions);
- reinforcement of postal operators - 4.0%;
- purchase of foreign currency from customers - 3.1%.
The largest sources of cash inflows to banks' cash desks were (% of total inflows):
- Trade revenue - 31.8%;
- customer transactions using payment cards - 24.1%;
- proceeds from the sale of foreign currency - 16.5%.
"It is also noteworthy that the volume of cash turnover of banks (both in terms of receipts and payments from cash desks) for the first quarter of 2024 exceeds the figures for the first quarter of 2021 by an average of 16%, which indicates a gradual recovery in economic activity," the NBU said.
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