The demand for foreign currency among the population has fallen by four times, Olena Shcherbakova, director of the National Bank's general department for monetary policy, said in a video commentary posted on the NBU website, UKRINFORM reports.

"If we take as a basis March and February last year, we have a fourfold decline in the net demand for foreign currency among the public," she said.

According to Shcherbakova, active participation of the National Bank in March reduced to zero. "That is, we did not sell currency, we held only small interventions to replenish the reserves," she said.

This was facilitated by two factors: growth of foreign exchange influx in the financial system and reduction in the demand for cash currency among the population.

Analysts expect the hryvnia devaluation to 8.34 UAH/USD by year-end.

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