At the same time, the situation in the foreign exchange market remains under control, and changes in the exchange rate remain non-threatening, the National Bank said.
The National Bank of Ukraine named the reasons for the recent increase in the dollar exchange rate. It was discussed at a meeting of the NBU board with the heads of the 30 largest banks, reported the NBU press service.
It is noted that government spending has picked up since the second half of March after significant cuts at the beginning of the year. Along with the effects of the depletion of the sale of money to pay the annual tax, this contributed to an increase in the demand for money.
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“As a result, the hryvnia weakened,” said the National Bank.
At the same time, the situation in the foreign exchange market remains under control, and changes in the exchange rate remain non-threatening. The NBU will continue to cover the structural deficit of currency in the market, thanks to which the Hryvnia will be able not only to weaken, but also to strengthen, as it was in the past, the central bank noted.
The depth of the foreign exchange market continued to increase – in March it rose to $119 million per day, compared to $34 million per day before the transition to managed flexibility. The difference between cash and official rates is 0.7%, which is lower than in previous periods.
“Both factors increase the stability of the Ukrainian foreign exchange market,” added the NBU.
Let us remind you that the dollar exchange rate on the interbank market in March increased by approximately 80 kopecks from 38.20 to 39.00 Hryvnia. The official NBU exchange rate increased by 2.7% from 38.20 UAH/dollar on February 29 to 39.22 UAH/dollar on March 29.
During the month, the dollar exchange rate repeatedly updated records. The historical maximum was recorded on March 27 – 39.34 UAH/dollar.
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Source: korrespondent
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.