12:56 28.08.2014

Ukrainian Finance Ministry to sell $340 mln to National Bank to stabilize exchange rate - PM Yatseniuk

2 min read

The Ukrainian Finance Ministry will sell $340 million to the National Bank of Ukraine to replenish Ukraine's foreign currency reserves, which should empower the National Bank to stabilize the exchange rate, Prime Minister Arseniy Yatseniuk said.

"We decided this morning that, to stabilize the Ukrainian currency exchange rate, the Finance Ministry will sell $340 million to the National Bank of Ukraine's reserves. This will increase the National Bank's reserves and will provide it with more opportunities to stabilize the currency exchange rate," Yatseniuk said during a ceremony of signing a memorandum on cooperation between the Ukrainian Cabinet of Ministers and the Ukrainian World Congress.

It was reported earlier that the hryvnia exchange rate dropped on the inter-bank currency market to a record low of UAH 14.3000-14.7000/$1 on August 27.

The National Bank on August 27 weakened the hryvnia's official exchange rate by nearly 25 kopecks to UAH 13.898974/$1 from the previous record low of UAH 13.659408/$1 set on Wednesday.

Experts believe the national currency is weakening due to a complicated military-political situation and a reduced offer amid a contracting economy and depressed economic activity.

The Finance Ministry plans the hryvnia's average exchange rate in 2014 to be about UAH 12/$1. National Bank of Ukraine Chair Valeriya Gontareva said the exchange rate of UAH 11.5-11.9/$1 is well balanced, and its further decline has been prompted by a panicky reaction to the events in the eastern part of the country.

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