To strengthen the hryvnia today “there are no major factors,” said Sergei Marchenko.
The Minister of Finance Sergei Marchenko is concerned about the strengthening of the Hryvnia. He said this at a meeting at the European Business Association “EBA Global Outlook: New Economy of Ukraine” in Kyiv, Interfax-Ukraine reports on Monday, September 11.
“We are concerned about the strengthening of the hryvnia… For the next year we thought of an exchange rate of 41.4 UAH/$1,” he said and clarified that we are talking about the average annual rate according to the forecast of Ministry of Economy and other authorized structures.
Marchenko believes that “there are no major reasons” to strengthen the hryvnia and this is a minus for export-oriented businesses and for the country’s economy in general.
According to the minister, “exports are not growing,” while the import situation is the opposite.
At the same time, Marchenko made sure that he was not advocating any kind of sharp devaluation.
As is known, since July 2022, the National Bank has maintained the official hryvnia exchange rate of 36.57 UAH/$1. At the same time, in the cash market the rate stabilized at up to 38 UAH/$1.
We remind you that in August the National Bank sold almost $2.4 billion, which is the largest volume since February of this year. As a result, Ukraine’s international reserves were reduced for the first time in six months.
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I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.