The National Bank of Ukraine (NBU) is ready to stop unnatural hryvnia exchange rate fluctuations and promises to provide access to currency to the public and businesses, according to deputy governor of the National Bank of Ukraine (NBU), Volodymyr Krotiuk, according to Kyiv Post.
"As earlier, NBU remains an active player on the currency market and will act, using its instruments, not to allow defects in exchange rate formation, which would lead to an unnatural strengthening or weakening of the national currency. The public and business will be provided with foreign currency on the Ukrainian currency market as earlier, including via interventions and NBU currency auctions," he told Interfax-Ukraine on Tuesday.
He said that recent events on the domestic currency market demonstrated that the NBU currency and exchange rate policy of late 2008 and early 2009 was successful: demand for foreign currency has fallen, a trend of hryvnia strengthening appeared, and the inflation pace fell.
"Macroeconomic conditions promoted the stabilization of the currency exchange rate. In particular, this year the balance of payments improved compared to the previous year. This allowed there to be balance in the demand and supply of foreign currency on the interbank currency market. The daily needs of business for foreign currency to pay import was actually provided for by revenues received from exports," Krotiuk said.
He said that the NBU had gradually cut its participation on the currency market, giving freedom to market players to form the exchange rate.
"If in 1st quarter, 2009, the NBU transactions' share of the currency market was over 10%, at present it is less than 8%," he said.
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