Arbuzov supposes strengthening of hryvnia to UAH 8 / $1 due to mandatory sale of 50% of foreign currency earnings

Chairman of the National Bank of Ukraine Serhiy Arbuzov supposes strengthening of hryvnia to UAH 8 / $1 due to the mandatory sale of 50% of export foreign currency earnings by resident legal entities. He said this in an interview with the "Comments."

"Foreign exchange market has felt the effect of the sale of 50% of foreign exchange earnings on foreign contracts. For the work week, the dollar fell by 15 kopecks. There are opportunities for further strengthening of the hryvnia. The norm of the sale of foreign currency earnings may lead to strengthening of the hryvnia below UAH 8 / $1," he said in the interview.

The NBU chairman also added that if there are signs of strengthening the hryvnia, the National Bank will activate buying out foreign currency on the interbank market.

"I have repeatedly stressed that 8.5 billion dollars are on the overseas accounts of Ukrainian residents. The return of these funds in our economy is the natural desire of any central bank. Especially, in the context of global tensions of international capital markets," Arbuzov said.