The exchange rate of the Hryvnia should change in both directions, the National Bank smooths out these changes, emphasized the deputy head of the NBU.
The weakening of the Hryvnia in recent days is due to the increase in demand for foreign currency. This was said on December 21 by the Deputy Head of the National Bank of Ukraine Sergei Nikolaychuk while presenting an analysis of the macroeconomic forecast for 2024 from the Center for Economic Strategies.
“In December, the net demand for foreign currency continued to grow, so in response to this situation, we began to sell more in the market. At the same time, and in accordance with our declared principles, we began to allow the amount of exchange, first, weakened, and then over time Even as this demand increased, they began to allow it to weaken further,” he said.
Nikolaychuk noted that in the second half of October and the first half of November, a favorable situation was observed in the foreign exchange market. Demand for foreign currency has been minimal over the past few months, allowing the exchange rate to strengthen. Subsequently, it began to grow – from the second half of November and in December.
The deputy head of the NBU added that, in response to this, the National Bank increased the sale of foreign currency in the market, but allowed the rate to weaken as demand increased.
“Again, this situation is completely normal for us, we declare that our actions in the market will be sufficient in the respective situation, and the exchange rate should change in both directions. We facilitate these changes, in both time allowing the exchange rate to act as a corrective mechanism for the foreign exchange market, and for the macroeconomic process,” said Nikolaychuk.
Let us remind you that the official dollar and euro rates have set new historic highs. Thus, the dollar exchange rate on the last working day of the week was set at 37.5964 UAH per dollar. The euro exchange rate is 41.2846 UAH per euro.
In the cash market, the dollar immediately rose in price by 35 kopecks – to 38.25 UAH per dollar.
Source: korrespondent
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