The national Bank does not expect strong fluctuations of the hryvnia exchange rate this fall.
The national Bank of Ukraine (NBU) expects a moderate volatility of the exchange rate of the hryvnia this autumn, because autumn traditional factors play a much smaller role in the foreign exchange market.
This was stated by the Deputy head of the NBU Oleg Churiy.
“We expect moderate volatility in the exchange rate of the hryvnia. In recent weeks, again began to spread the statement that the hryvnia exchange rate is always rapidly devalue in the fall, and supposedly this fall will be no exception. We are such a concern does not share,” he said.
According to Curia, foreign exchange market was indeed subject to seasonality, however, the application of a floating exchange rate, the development of the currency market and carrying out reforms in other sectors of the economy can be expected to reduce such seasonality.
“Traditional fall factors play a much smaller role. For example, the NJSC Naftogaz of Ukraine has sufficient foreign exchange earnings and pressure on the foreign exchange market with one-time large purchases. The Ministry of Finance reimburses the business for VAT are more or less evenly. In addition, autumn is a time of foreign currency revenues from exports of the new crop,” added CORI.
He also stressed that the national Bank continues to present the foreign exchange market to smooth excessive exchange rate fluctuations under the influence of situational factors.
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