A temporary reduction of hryvnia rate in mid-November occurred due to the unfounded panic of population, head of the National Bank of Ukraine Serhiy Arbuzov told Ukrainian channel ICTV.

"I have repeatedly said that there are no economic reasons for devaluation of hryvnia, and we are concerned about panic. People heard statements of the politicians, and the public boom was great. The panic reached a point that the dollar incresed in the cash market to 8.35 - 8.4 hryvnia. Unfortunately, people bought foreign currency for such rate, but the situation has changed, and hryvnia has begun to strengthen, and the people that were buying dollars have already started to lose," Arbuzov declared.

Answering a question about the possible strengthening of the national currency, the head of the NBU said: "We live under conditions of the market economy, and the market leads a rate, but I think that the exchange rate will grow up."

In turn, Arbuzov confirms that the National Bank does not use a flexible exchange rate formation mechanism.

He also noted that the NBU will firmly deal with those banks that do not sale the foreign currency to citizens. 


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