The National Bank of Ukraine proposes for public discussion a draft of new approaches to calculations and publication of foreign exchange market indicators.
The National Bank plans to abandon the calculation of the official exchange rate of the hryvnia to the Russian ruble, as well as some other currencies: the Belarusian ruble, the Iranian rial.
The regulator is going to create one daily basket, which will include currencies of the first group of the classifier and the country’s currencies that provide at least 95% of trade turnover with Ukraine.
This means that only 44 currencies will remain in the basket.
The project provides for the introduction of a new benchmark of the foreign exchange market – a reference value of the hryvnia to euro exchange rate as of 12.00.
Its relevance is due to the growing weight of transactions in euros on the Ukrainian foreign exchange market. The new benchmark was developed at the request of market participants in collaboration with an international technical assistance expert. It is proposed to calculate it daily by multiplying the reference exchange rate of the hryvnia to the US dollar as of 12 noon and the average value of BFIX dollar/euro quotes, calculated from 10.30 to 1200, the National Bank said in a statement.
Source: Racurs
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