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The national Bank explained the depreciation of the hryvnia

В Нацбанке объяснили снижение курса гривниThe depreciation of the hryvnia is not associated with delayed tranche from the IMF.

The foreign exchange market in Ukraine and the depreciation of the hryvnia affect the volume of revenues from exports, as well as psychological factors.

This was stated by Deputy head of the National Bank of Ukraine (NBU) Oleg Churiy, the press service of the NBU.

“From the beginning of year the volume of exports increased by more than 20%, and dynamics of export earnings today is much better than we expected. At the same time, observed increase in imports amid the economic recovery. In addition, speculation in the media regarding the expected fall of hryvnia devaluation will affect the mood of the population, which in September has increased the volume of purchases of foreign currency, despite the trends observed since the beginning of the year,” the press service quoted his words.

Thus, according to Coria, the shift of the schedule of obtaining funding for programme cooperation with the International monetary Fund (IMF) now does not affect the foreign exchange market. At the same time, the Deputy head of the NBU noted the importance of continued cooperation with the IMF.

“The gradual reduction of inflation, favorable for Ukrainian exports, the situation on foreign markets, the return of the state to international capital markets should not prevent the implementation of the cooperation program with the IMF. It is not only the funding, which will be in 2018 – 2019, to repay external debts of the state. It is primarily the reforms, which were essential for sustainable and high economic growth,” said Curi.

He confirmed the intention of the NBU to pursue gradual currency liberalization. According to him, the national Bank is finalizing proposals and observations concerning the legislative changes necessary for the transition to the liberal model of currency regulation, received from business, banks and the expert community during public discussions.

“We want to present the finalized draft of the law On the currency in the near future,” said Curi.

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