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The NBU explained why the cash dollar is becoming more expensive

Photo: Athletistic

Over the past week, the American currency has risen in price by 2-3 hryvnia, approaching 37 hryvnia per dollar.

The growth of the dollar cash exchange rate of several hryvnias in the past week was associated with currency restrictions introduced after the start of the war. This was announced by the head of the National Bank Kirill Shevchenko, wrote Ekonomicheskaya Pravda on Friday, May 20.

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Thus, from May 13 to May 19, the dollar exchange rate at exchange offices rose from UAH 34.2–34.5 to UAH 36.5–37.5.

“In particular, the conversion of funds from hryvnia accounts in the banking system into cash is prohibited in Ukraine and significantly limited abroad. As a result, in the cash segment of the foreign exchange market, the existing currency deficit leads on a weakening of the hryvnia, “Shevchenko explained.

According to him, the demand in the cash market is formed mainly for the speculative incomes of the population, to finance gray imports, as well as the transfer of savings in foreign currency.

The head of the NBU said that the central bank intends to weaken the trend of hryvnia devaluation in exchange offices, especially by lifting a number of restrictions on currency trading of banks, in particular , removal of restrictions on the cash currency sale rate of banks. . “This will help increase the liquidity of the cash segment of the foreign exchange market and stabilize the situation here,” Shevchenko said.

Recall that the official dollar rate remained at the level of 29.25 hryvnia until the end of the war with Russia.

At the same time, the NBU is considering returning to a floating exchange rate, but after meeting a number of requirements.

Source: korrespondent

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