15:07 20.05.2019

Zelensky's statement on dissolution of Rada, possible resignation of govt not to affect hryvnia in short term – bankers

2 min read

A statement of Ukrainian President Volodymyr Zelensky on the dissolution of the Verkhovna Rada and the possible resignation of the Cabinet of Ministers of Ukraine would not significantly affect the hryvnia exchange rate in the short term outlook, according to bankers polled by Interfax-Ukraine.

So, according to Head of the dealing department of Raiffeisen Bank Aval Yuriy Hrynenko, the hryvnia in the interbank foreign exchange market continues to strengthen.

"The hryvnia exchange rate on the interbank foreign exchange market on Monday strengthened from UAH 26.33/$1 to UAH 26.185/$1 at the moment due to the influx of currency from nonresidents. That is, this situation [the dissolution of the Verkhovna Rada and the possible resignation of the government] predictable and not alarming. These are probably the words they would like to hear, because these are positive messages for citizens. An auction is held on Tuesdays, and nonresidents are preparing to buy government bills at tomorrow's auction," he said.

Director of the Treasury at Credit Dnipro Bank Oleh Kurinny said that the dissolution of the Verkhovna Rada and the possible resignation of the government may have a short-term insignificant destabilizing effect on the hryvnia exchange rate.

"Political factors – the dissolution of the Rada and the possible resignation of the government – may have a short-term insignificant destabilizing effect on the exchange rate dynamics, strengthening the speculative component, but in the medium term, the impact of fundamental economic factors influencing the ratio of currency inflows will be decisive: the volume and schedule of debt payments, the course of cooperation with international financial institutions, the interest of investors in investing in government bonds, the situation in global commodity and stock markets, volumes export earnings and income from labor migrants," he said.

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