Recent polls show that a large majority of the Ukrainian public trust the U.S. dollar. Specifically, 41% of Ukrainians think it is now most profitable and safe to keep their savings in dollars. Despite the fact that the majority of Ukrainians would prefer to keep their savings in foreign currency, only 15% of the respondents have conducted foreign exchange transactions over the last three months. Within the period under review the overwhelming majority (82%) of Ukrainians have not bought or sold foreign currency.
In the meantime, Russia is trying to wean itself off the greenback. Russia's central bank has ramped up its gold reserves in 2018 and sold U.S. Treasuries. Currently, plans are under way to execute more trade deals in rubles and other currencies, and tax incentives are being considered for the exporters that shun the dollar.
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