16:12 22.12.2017

Groysman expects stabilization of hryvnia forex rate in Jan

2 min read
Groysman expects stabilization of hryvnia forex rate in Jan

Ukrainian Prime Minister Volodymyr Groysman says he expects the stabilization of the hryvnia exchange rate in January 2018 against the background of the exhaustion of seasonal factors affecting the value of the national currency.

"The fluctuation of the exchange rate is absolutely seasonal ... it always happens that way in December. In January sees stabilization and it's absolutely obvious," he said at a press conference in Kyiv on Friday.

Speaking about the forex rate of UAH 30.1 per U.S. dollar by the end of 2018 stipulated in next year's national budget, he explained it was a benchmark and it might not become reality.

"I draw your attention that there is no reason to speak today that we expect any serious fluctuations. There are no objective circumstances," Groysman assured.

As reported, the hryvnia exchange rate since April 5, 2017, had been in a downward trend, which, except for short breaks, lasted until August 29. For a certain period of time, the national currency increased in value to the U.S. dollar by 6.4%, to UAH 25.4525.

On the last trading day of August, the hryvnia exchange rate began to gradually weaken and sank by 9.6% until December 21, to UAH 27.895 per U.S. dollar.

The National Bank of Ukraine links the gradual weakening of the hryvnia with seasonal factors and declares there are no fundamental grounds for significant devaluation.

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