Under agreement reached with the International Monetary Fund (IMF), the National Bank of Ukraine (NBU) is liberalizing the foreign exchange market and switching to a floating exchange rate of the hryvnia, which implies the direct dependence of the exchange rate on the market situation.
The NBU, using available tools (certificates of deposit, the sale and redemption of government bonds, bidding, etc.), will try to ensure exchange rate stability within the framework defined by the government in the state budget - at UAH 7.95- 8.00/USD 1, according to Volodymyr Oleksiuk, an expert at the analytical department of X-Trade Brokers Ukraine.
The current official dollar exchange rate is somewhat lower than the said parameters and is UAH 793.73 per USD 100, which forms a reserve of strength amid the excess supply of foreign currency over its demand at the beginning of the year.
"Given the steady growth in energy prices and thus a reduction in the competitiveness of the bulk of domestic exports, as well as the extension of domestic consumption mainly due to import growth, the smooth devaluation of the hryvnia for the settlement of these problems becomes a way to address the budget deficit problem," Oleksiuk said, UKRINFORM reported.
The NBU, using available tools (certificates of deposit, the sale and redemption of government bonds, bidding, etc.), will try to ensure exchange rate stability within the framework defined by the government in the state budget - at UAH 7.95- 8.00/USD 1, according to Volodymyr Oleksiuk, an expert at the analytical department of X-Trade Brokers Ukraine.
The current official dollar exchange rate is somewhat lower than the said parameters and is UAH 793.73 per USD 100, which forms a reserve of strength amid the excess supply of foreign currency over its demand at the beginning of the year.
"Given the steady growth in energy prices and thus a reduction in the competitiveness of the bulk of domestic exports, as well as the extension of domestic consumption mainly due to import growth, the smooth devaluation of the hryvnia for the settlement of these problems becomes a way to address the budget deficit problem," Oleksiuk said, UKRINFORM reported.
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