The situation in the foreign exchange market has stabilized, they said in the central bank, listing the factors contributing to it.
In the near future there will be no changes in the exchange rate of the dollar against the hryvnia, the situation in the foreign exchange market is stabilizing. This was stated by the Deputy Head of the Council of the National Bank, Vasily Furman.
“That is, now we have a fixed rate of 36.6. Well, then there is the rate that we see in the exchangers, slightly deviating within acceptable limits from the fixed rate,” he said.
In particular, the exchange rate of the Hryvnia was positively affected by the stabilization of NBU reserves and their increase by about 15% in August – up to $25.4 billion due to a record external financial assistance of $4.8 billion per month.
The hryvnia exchange rate was also positively affected by the decrease in the foreign trade deficit, increase in exports, incl. and grains.
In addition, the currency market was positively affected by the decrease in the issue of the Hryvnia to 30 billion per month.
The NBU also said the situation with demand or foreign currency.
“The increase in the spread between the official and currency rates of the hryvnia in recent weeks also indicates the persistence of significant devaluation pressure,” the report said.
It was noted that the foreign exchange market is still far from a state of self-balancing. The NBU’s interventions to sell foreign currency, although noticeably reduced in recent months, remain significant.
“Under such conditions, the NBU should continue to take measures to reduce devaluation pressure and protect international reserves,” the central bank said.
According to the NBU, the negative information environment around the monetization of the budget deficit supports devaluation pressure and has a negative impact on inflation and exchange rate expectations. At the same time, the yield on military government deposits and bonds, despite the increase, remains significantly lower than the level of current and expected inflation. It encourages economic agents to look for alternative ways to protect their savings, in particular, it encourages them to buy foreign currency and imported goods. As a result, pressure remains on the Hryvnia and international reserves.
It should be noted that according to the draft budget-2023, by the end of next year, the exchange rate of the Hryvnia will fall to 50 per dollar.
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Source: korrespondent
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