Should you exchange dollars for euros to save your savings: an economist’s answer
16 June 2025 16:07
OPINION
In recent weeks, Ukraine’s foreign exchange market has seen a noticeable weakening of the dollar. The US currency exchange rate against the hryvnia is losing ground, while the euro is showing steady growth. In banks and exchange offices, more and more Ukrainians are asking themselves the question: is it time to transfer their savings from dollars to euros?
However, financial analysts advise not to rush into such decisions. Therefore, [comersant ] asked economist Oleg Getman whether Ukrainians should change the structure of their foreign currency savings now.
According to the expert, an attempt to make money on the cross-rate between the dollar and the euro can result in losses, both due to the unpredictability of the market and exchange fees.
“Instead of chasing a favorable exchange rate, it is better to diversify your savings. Part of it should be kept in dollars, part in euros. But an even better option is domestic government bonds (OVDP). Especially military bonds, which now yield 16-18% per annum,” he advises,
– he advises.
These securities, emphasizes Hetman, are supported by the state budget, and payments on them are guaranteed. Interest in military bonds is growing not only among Ukrainians but also among foreign investors.
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“There are no risks with the bonds at all. They will exist as long as the state of Ukraine exists. This is the most reliable and interesting financial instrument now,” he emphasizes,
– he emphasizes.
However, the expert does not advise Ukrainians to keep their savings in cryptocurrency.
“Crypto is a speculative asset. Yes, it is growing now, but we do not know what will happen tomorrow. If you don’t have access to insider information, playing in this market is like roulette,”
– Hetman warns.
He adds that many people have already been burned: they bought bitcoin at its peak for $80,000 and then sold it at a big loss.
“My main advice is not to put everything on one card. If you want to save your money and even make some money, combine currencies and definitely look at bonds. This is the most stable financial “harbor” for Ukrainian savings in the current difficult conditions,”
– Oleg Getman summarized.
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