The National Bank of Ukraine will be going on with the practice of holding currency auctions for borrowers to repay currency loans and interventions on the interbank forex market, reads a statement made by the National Bank. The Ukrainian news reports.

"The hryvnia exchange rate situational fluctuations will be levelled by means of the National Bank holding the pre-announced currency interventions, perfect the practice of planning them; the currency auctions will be further developed, including the targeted sale by the National Bank of foreign currency for the population to repay credits taken in currency," the statement says.

The National Bank reported a 43% drop in the volume of importation of goods and services over the first quarter of 2009 on the same period in the year before, and a four-fold contraction in the external trade deficit.

This, and also the normalization of the situation with the Ukrainian residents' settlement of external obligations and improvement of the hryvnia rate quotations, as the National Bank supposes, is a background for the situation at the forex market to stabilize.

Besides, the National Bank believes that the measures it takes to normalize the currency rate situation are efficient and successful.

The regulator is confident of further strengthening of the positive trends on the forex market.

"The mentioned measures [taken by the National Bank] will be strengthening the positive changes in the Ukrainian forex market, this not only will stabilize the hryvnia exchange rate and reduce currency risks, but also revive the general upturn of the national economy," the statement said.

The National Bank began the auctions for selling foreign currency to borrowers for repaying currency loans on February 27.


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