NBU on the devaluation of the Hryvnia: seasonal trend

With the exception of last year, the devaluation took place in the third quarter, says the central bank.

Every year in Ukraine, the devaluation of the hryvnia occurs in the third quarter due to increased business demand for foreign exchange. This year was no exception, said Dmitry Sologub, deputy director of the National Bank, in an interview with Interfax-Ukraine.

“With the exception of last year, which turned out to be a bit specific, in all previous years, the devaluation occurred in the third quarter,” the official said.

At the same time, it states that the devaluation rate in September is lower than in August. “And in fact, the pace was higher than what we see now in September. There was a devaluation of about 5% in a month,” he said.

“I think it happened this year: the recovery in business activity in September coincided with the fact that people began to think that something had changed at Banco Nacional. it is now, “and consequently demand has grown. Perhaps someone on the supply side decided that it was necessary to wait a couple of weeks and sell at a high rate,” Sologub explains of the hryvnia drop.

Previously, the NBU predicted a strengthening of the exchange rate in October – November.

Note that now the hryvnia exchange rate remains at its lowest level for a couple of years.

News of Correspondent.net on Telegram. Subscribe to our channel https://t.me/korrespondentnet