Raiffeisen Bank's cash dollar imports to Ukraine down 64.5%, cash euro imports up 33% in H1
MOSCOW. Aug 19 (Interfax) - Raiffeisen Bank (Kiev) reduced its cash dollar imports to Ukraine 64.5% in January-June 2024 year-on-year, but increased its imports of cash euros 33% over this period, Ukrainian media cited the bank as saying in a report on Monday.
Raiffeisen Bank Ukraine, however, did not offer any raw figures.
"Our bank monitors clients' requirements - forex fixed-term deposit account closure deadlines, the amount of forex being traded on the interbank market. Our stocks are always 30%-40% larger than cash forex needs in order to cover any demand, including in various regional centers of the country," director of the bank's money supply, encashment and forex valuables transportation department Viktor Garkusha was quoted as saying.
The remaining balance on forex deposits of Raiffeisen Bank Ukraine clients - individuals and large companies - is growing both in dollars and in euros, it said.
Given the current demand from clients, which also include other Ukrainian banks, Raiffeisen Bank Ukraine imports cash forex to Ukraine every 3-5 days, it said. The bank accounts for around 70% of all cash forex brought to Ukraine in 2023, according to Garkusha.
"We have been monitoring the quality of imported forex all the time, replacing worn-out banknotes and removing them from the market," he said.
According to National Bank of Ukraine (NBU) statistics, banks imported $7.84 billion and 1.53 billion euros in cash to Ukraine in 2023. Cash forex imports stood at $5.46 billion and 2 billion euros in the first half of 2024, including $938 million and 388 million euros in June.
As reported, Raiffeisen Bank Ukraine's net profit rose 38.2% to 4.31 billion hryvni in January-June 2024. It ranked fourth by assets (223.72 billion hryvni) among Ukraine's 62 operating banks on July 1, 2024.
Raiffeisen Bank International AG (RBI) owns 68.21% of the bank's shares, the European Bank for Reconstruction and Development holds 30% of its shares, while the remaining 1.79% belongs to minority stockholders.
