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Photo: National Bank (Vitaliy Nosach, RBC-Ukraine)
NBU sees no rationale for long-term devaluation
The deterioration of the foreign exchange market situation and the growth of the dollar against the hryvnia in September are not associated with the supply of foreign exchange. Demand is growing, mainly from importers of consumer goods.
This was stated by the deputy director of the National Bank, Yuri Gelety, according to the press service of the NBU.
As Gelety pointed out, companies that had external loan payments also actively bought foreign exchange.
At the same time, the NBU sees no fundamental factors for the long-term weakening of the hryvnia, as Ukraine’s exports during the crisis declined significantly less than imports, it added.
Gelety assured that the NBU did not refuse and will not abandon the formation of the floating exchange rate, and the rate will move in both directions.
Note that the deputy director of the NBU Dmitry Sologub said that the restoration of business activity in Ukraine usually occurs in the third quarter of the year. This almost always leads to an increase in demand for foreign exchange and a rise in the dollar against the hryvnia.
Recall, according to the NBU, the devaluation of the hryvnia in September 2020 was caused by the increased demand for foreign exchange by importers. To smooth out fluctuations, the National Bank of Ukraine resumed interventions to sell foreign exchange.
