Exporters' unwillingness to sell foreign currency at Ukrainian market provokes the growth of its cost, "Segodnia" newspaper writes.
Yesterday, the dollar rate at non-cash market went over 8.3 hryvnias, and the cost of currency in exchange offices reached the interbank rate. However, companies having dollar in possession do not hurry to sell it, waiting for further devaluation, experts say.
For over a month, the currency market has high demand, but very low supply. In order to satisfy the demand, the National Bank of Ukraine had to sell foreign currency $2 billion worth, but it has not slowed down the boom anyway.
Exporters withhold currency earnings, provoking dollar rate growth and hoping to earn more on speculations, the newspaper reports.
As a reminder, the Verkhovna Rada of Ukraine has entitled the National Bank to oblige exporters to sell a part of currency earnings in favor of importers. The law provides that the central bank can impose this obligation as it deems fit for the term up to six month. Thus, exporters may lose the right to manage their currency at any moment and will have to sell it at the interbank at market rate.
According to experts, monthly currency earnings of exporters make $4-6 billion, and in order to prevent hryvnia's devaluation they have to sell 30-40% of the total every month. Such amount of currency at the market will quickly satisfy the demand of not only importers and banks, but the population as well, specialists say.
Yesterday, the dollar rate at non-cash market went over 8.3 hryvnias, and the cost of currency in exchange offices reached the interbank rate. However, companies having dollar in possession do not hurry to sell it, waiting for further devaluation, experts say.
For over a month, the currency market has high demand, but very low supply. In order to satisfy the demand, the National Bank of Ukraine had to sell foreign currency $2 billion worth, but it has not slowed down the boom anyway.
Exporters withhold currency earnings, provoking dollar rate growth and hoping to earn more on speculations, the newspaper reports.
As a reminder, the Verkhovna Rada of Ukraine has entitled the National Bank to oblige exporters to sell a part of currency earnings in favor of importers. The law provides that the central bank can impose this obligation as it deems fit for the term up to six month. Thus, exporters may lose the right to manage their currency at any moment and will have to sell it at the interbank at market rate.
According to experts, monthly currency earnings of exporters make $4-6 billion, and in order to prevent hryvnia's devaluation they have to sell 30-40% of the total every month. Such amount of currency at the market will quickly satisfy the demand of not only importers and banks, but the population as well, specialists say.
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