Ukrainians are more active in withdrawing money from banks: the NBU explains it by people's desire to have cash reserves amid power outages
Kyiv • UNN
The NBU has reported an increase in the cash turnover of banks in the first half of 2024. Cash withdrawals increased by 12.6% due to people's desire to have a reserve for payments during power outages.
In the first half of this year, Ukrainians were more active in withdrawing money from banks than last year, the NBU reported, explaining that people wanted to form a certain cash reserve for payments in the event of power outages, UNN writes.
Details
"In the first half of 2024, banks' cash turnover increased," the NBU reported on social media.
The volume of cash inflows to banks' cash desks in January-June this year, as indicated, amounted to UAH 1,307.6 billion. This is a 9.5% increase compared to the same period in 2023.
Cash withdrawals from banks' cash desks in the first half of 2024 also increased (by 12.6%) and amounted to UAH 1,342.9 billion, the NBU reported.
As the NBU explained, "this is due to the recovery of economic activity, which was facilitated, in particular, by an increase in wages and social payments to the population, the continued stable situation in the foreign exchange market, and moderate inflation.
"At the same time, the increase in the volume of hryvnia cash withdrawals from banks' cash desks was influenced by the desire of the population to form a certain cash reserve, which remains an affordable and quick payment instrument for retail transactions in the context of the introduction of electricity outage schedules," the NBU said.
