The devaluation pressure on the hryvnia is being supported by a group of banks that want to gain some income on the weakening of the national currency, the head of the group of advisers to the National Bank of Ukraine (NBU) governor, Valeriy Lytvytsky, told Interfax-Ukraine on Friday.
"The National Bank knows which banks are making money off speculative attacks. We wonder how some financial institutions can work for the sake of a short speculative result and are not interested in the fact that exchange rate stability can help them tackle the situation with currency loans. This is amazing shortsightedness," he said.
Lytvytsky said that the NBU would respond to the situation on the market and support the hryvnia through interventions, and added that the central bank, however, was not planning to alter the schedule for holding currency interventions and auctions that it approved earlier.
"We know how to respond, and we'll respond. But the rescue of those drowning is actually, in many respects, their own matter. So, I'd like to call on the banks that are going mad on speculative operations not to cut the branch they are sitting on. If they don't stop, they could end up sitting on a spike, from which the National Bank won't remove them," he said.
Source: Kyiv Post
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