The NBU due to «fundamental factors» lowered the hryvnia to 27,234 for a dollar. If you’re ready for the intervention

The national Bank of Ukraine set the official rate of the national currency against the dollar on February 24 at the level of 27,233858 hryvnias for 1 US dollar.

The lowest official rate of the national currency against the dollar was on February 27, 2015, he was 27,76312 UAH/ $ 1, whereas on March 2, rose to 26,858114 UAH/1 USD.

This year, the official hryvnia rate has twice fallen below 27 UAH/ $ 1 17 and 23 February, however, both times he didn’t hit the level 27,02 UAH/1 USD.

Since the beginning of year the dollar in Ukraine has risen by 13.5%, significantly having laid in the budget of the average rate of 24.1 UAH for 1 dollar.

According to the Deputy head of the NBU Oleg Churiy, the depreciation of the hryvnia on the interbank currency market continue to cause both temporary and fundamental market factors that lead to a reduction in the supply of foreign currency, reports «Interfax-Ukraine».

«The seasonal downturn in January caused a decline of foreign currency revenues in February and political instability and a delay in resumption of cooperation with the International monetary Fund (IMF) adversely affect the expectations of business», – said in comments distributed by the Central Bank on Tuesday 23 February.

Among the fundamental factors Curi allocated reduction of prices on world commodity markets and the devaluation of currencies of countries-trading partners.

«The revival of business activity, the restoration of political stability in the country and the continued cooperation with the IMF must eliminate these temporary imbalances,» — said the Deputy head of the NBU.

He noted that the smoothing of excessive fluctuations of the hryvnia exchange rate is part of monetary policy of the national Bank aimed at ensuring price stability, and the controller has sufficient financial resources for the further carrying out of currency interventions if necessary.

Churi said that since the beginning of the year, the NBU has held three auctions to purchase foreign exchange on a total of 65,7 million and ten auctions at its sale on 238,5 million, including in February, net sales amounted to 98.5 million, while Ukraine’s international reserves for the beginning months were equal to 13.4 billion.

The Deputy head of national Bank added that in order to prevent external risks affecting the balance of payments and the hryvnia, and to reduce inflation to 12% by the end of 2016 NBU Board maintains interest rates at 22% per annum from September 2015.

«By results of January-February you can see that the prudent monetary policy is effective and contributes to the deceleration of consumer inflation,» said Curi.

We will remind, according to the updated programme of the eff EFF of the IMF, the hryvnia to the US dollar by the end of 2016 was projected at 24,4, by the end of 2017 – 24,9.

As reported, the head of the National Bank of Ukraine Valeria Gontareva the reasons for the decline of the hryvnia, in addition to such seasonal factors as the decline in business activity in November, as well as payments from the Treasury account, called the political instability in the country.

Experts believe that the hryvnia may fall to 30 per dollar and strengthened on average by around 27.

The state budget of Ukraine for 2016 was adopted on the basis of the average annual hryvnia exchange rate at 24.1 UAH/USD. According to the expectations of the Ministry of Finance, by the end of 2016 the national currency should remain at the level of 24.4 UAH/USD.

We will remind, in February of last year, the official hryvnia exchange rate to the dollar set at the historical low of 30.01 per hryvnia per dollar. The last time the official hryvnia exchange rate weakened.

The NBU due to «fundamental factors» lowered the hryvnia to 27,234 for a dollar. If you’re ready for the intervention 24.02.2016

Февраль 24th, 2016 by
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