The NBU explained why “jump” the hryvnia
After the transition of Ukraine to a floating hryvnia exchange rate 2015 currency market is seasonality.
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This was announced by Deputy head of the National Bank Oleg Churiy, commenting on the situation on the currency market, the report said the NBU on Facebook.
“For the third year in a row in the first months of the year the demand for currency, in particular from importers that form the inventory for the new year, and at the same time, decrease its revenues, in particular from farmers who usually in the course of the year provide about half of the supply of foreign currency on the interbank market. As a consequence, at the beginning of each year temporarily increasing the devaluation pressure on the hryvnia,” – said Cure.
According to him, these seasonal factors were a key reason for the gain fluctuations of the hryvnia on the interbank market since the beginning of January 2018.
“Seasonal slowdown, primarily in the agricultural sector, leads to a reduction in foreign currency revenues from export of food products, while the market is the increased demand for foreign currency from importers,” added Cory.
He also said that the NBU continues to maintain a presence on the interbank market to mitigate the impact of these factors.
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“Since the beginning of this year, the national Bank carried out the sale of foreign currency in the amount of $ 53.5 million to prevent excessive fluctuations in the exchange rate of the hryvnia. The national Bank has enough resources and to further smooth out excessive fluctuations in the currency market if necessary, international reserves stood at $ 18.8 billion at the beginning of January,” – said the Deputy Chairman of the NBU.
At the same time, the NBU noted that the effect of seasonal factors in the beginning of the year “can be offset during the rest of the year due to the favorable impact of fundamental factors, including external price conjuncture for products of domestic exports, as it was in 2017”.
“So, last year, Ukraine concluded exchange rate at a level that is approximately equal to the rate at the beginning of the year, the hryvnia has depreciated over the past year by only 3%, despite some periods of enhanced fluctuations,” – summed up Cure.
We will remind that in December of 2017, Prime Minister Vladimir Groisman said that when the dollar starts to fall.
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