NBU links hryvnia weakening to media speculation

12:31, 28.09.2017 1 min read

The National Bank of Ukraine (NBU) denies the impact of the postponement of financing under the program of the International Monetary Fund (IMF) on the situation on the currency market, explaining the weakening of the national currency in September by other factors.

"Speculations in media regarding the anticipated devaluation of hryvnia in autumn influence mood of the public, which in September increased purchase of foreign currency, despite the trends seen since early 2017," Deputy NBU Governor Oleh Churiy said.

According to the press release of the NBU, at a meeting with heads of 40 largest banks on September 26 he said that since early 2017 exports grew by over 20%.

"The pace of export revenue today is better than we expected. We also see a rise in imports along with the stirring up of the economy," Churiy said.

After improving to UAH 25.44/$1 in summer, the official exchange rate fell to UAH 26.47/$1 as of September 28, 2017, and the NBU, which bought currency in summer, had to enter the market to sell currency several times.