A strong understatement of the rate of purchase of cash currency by banks and exchange offices is unlikely, the regulator believes.
The requirement for banks and non-banking institutions to buy money from citizens at a rate not lower than the official one can potentially limit the strengthening of the Hryvnia. This was reported by the press service of the National Bank on Wednesday, August 10.
The regulator recalled that from August 6, it removed the restriction, according to which banks and non-banking institutions have to buy cash from the population at a rate not lower than the official one. Since July 21, the official exchange rate is 36.57 hryvnias per 1 dollar.
“The rate in the cash segment of the foreign exchange market can both decrease and increase, depending on supply and demand in the market. Because of this, the need to buy money at a rate not lower than the official one can potentially limit strengthening of the hryvnia. So the National Bank removed the corresponding limit,” the statement said.
According to the regulator, at the same time, a strong understatement of the rate of purchase of cash currency by banks and exchange offices is unlikely, because it will contribute to the outflow of customers.
“The strength of the competition is well illustrated by the fact that the difference between the average rates of purchase and sale of cash money of banks after the removal of the corresponding restriction has not changed, and in non-banking institutions , on the contrary, on August 5-8, it decreased from 0.4 to 0.25 UAH per 1 dollar,” – added to the NBU.
As you know, at the end of July, the NBU accused exchangers of hryvnia devaluation. Now all transactions must be recorded on video, and information about courses is prohibited from being displayed on the scoreboard. As a result, the dollar’s cash exchange rate began to decline.
The previous day, the National Bank noted that the turmoil in the cash market had subsided.
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Source: korrespondent
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