The NBU reduced foreign exchange interventions in January to 2.549 billion euros. This is 1.01 billion less than in December 2023 – 3.559 billion, but more than the volume of interventions in November – 2.457 billion euros.
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Net foreign currency sales in January amounted to $2.533 billion, according to the regulator’s data on its website.
The NBU will use foreign exchange interventions to balance the foreign exchange market to maintain the exchange rate.
From January 22 to January 26, the National Bank sold 421.3 million on the interbank foreign exchange market and also bought 0.52 million dollars.
Before the New Year, there was a panic about buying the dollar – then the rate in banks rose to 39.5 hryvnia. The expected gradual “cooling” of the market is currently taking place. By mid-January, the cash exchange rate was already 39 hryvnia, and at the beginning of February, a dollar can be bought at exchange offices for 38 hryvnia.
National Bank forecast
Inflation will remain moderate, and GDP will grow, but at a slower pace: the NBU presented a quarterly inflation report.
Thus, according to the National Bank’s forecasts, inflation will accelerate moderately in 2024, but next year it will enter the NBU target range, dropping to 5.8%, and in 2026 – to 5%. The economic recovery will continue, although it will slow to 3.6% in 2024.
Over the next two years, GDP growth is expected to accelerate to 4-6% per year. This forecast is based on assumptions of a significant reduction in high security risks from 2025 and continued significant levels of international support.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.