Chairman of the National Bank of Ukraine board Ihor Prasolov states there are no reasons for the hryvnia devaluation.

"Foreign exchange reserves of the country are about 30 billion dollars. The NBU monetary and exchange rate policy is subject to the maintenance of Ukrainian currency stability. There are no objective reasons for the significant hryvnia devaluation. The NBU controls the current situation on the currency market, avoiding sharp exchange rate fluctuations and market mechanisms while maintaining exchange rate," Prasolov said.

However, he refuted the arguments of some of the experts on the positive effects on the economy of Ukraine from the hryvnia devaluation, stressing their inappropriateness.

Responding the question about the possible exchange speculation, Prasolov added that he cannot completely exclude them, but in any case, attempts to unbalance the foreign exchange market are doomed to failure.

"My advice to Ukrainians is to avoid participation in the creation of crowd effect on the foreign exchange market, which generates a high demand and contributes to speculators’ revenues," Prasolov said.

In addition, Prasolov added that the National Bank is actively taking steps to reduce the level of dollarization of the economy.

"NBU has increased the reserve requirement on funds raised in foreign currency twice already this year, while the standards for local currency have remained at zero level," he said.

Prudent monetary and exchange rate policy of the NBU, in his view, has contributed to the reduction in demand for foreign currency cash.



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