The dynamics of Ukraine’s balance of payments in January-October 2022 speaks of increased pressure on the Hryvnia exchange rate, Bohdan Danylyshyn said.
In the interbank market last week, there was a significant increase in demand for foreign currency from bank customers, which outstripped the increase in supply. Bogdan Danylyshyn, a member of the Council of the National Bank, announced this on Facebook on Wednesday, October 7.
“This requires an increase in interventions by the National Bank to sell foreign currency to balance the market at $569 million, which is almost 40% more than a week before,” he said.
According to Danylyshyn, the dynamics of Ukraine’s balance of payments in January-October 2022 speaks of increased pressure on the Hryvnia exchange rate. In particular, despite the current account surplus of the balance of payments, which reached almost $8 billion, the foreign trade deficit in both goods and services continued to grow in October, exceeding $10 billion in trade in goods and $7 billion in January-October 2022. in trade in services.
“At the same time, significant support for the balance of payments continues to be provided by stable income from wages of Ukrainians abroad ($11.8 billion over 10 months) and the flow of international aid to the general sector of government ($11.7 billion),” he added.
The other day, the National Bank said that in November Ukraine’s reserves grew and exceeded the pre-war level of $27.9 billion. At the same time, the regulator’s net foreign currency sales fell to $1.57 billion. The index fell for the second month in a row.
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Source: korrespondent
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