17:50 20.08.2019

Bankers expects hryvnia exchange rate stability this autumn

2 min read
Bankers expects hryvnia exchange rate stability this autumn

The hryvnia exchange rate would remain approximately at the current level this autumn thanks to large incomes of farmers, exports of metal products, cooperation with the International Monetary Fund (IMF) under a new program and more planned steps of business thanks to the publication of the forecast for the refinancing rate by the National Bank of Ukraine (NBU), bankers said at a roundtable of the Financial Club held in Kyiv on Tuesday.

"I see no serious reason for the devaluation of the hryvnia: plus or minus it will be in the same corridor," Head of the Treasury Department of Forward Bank Natalia Shyshatska said.

According to her, a seasonal increase in the activity of importers may push the hryvnia to some weakening. "However, I do not think that this will have a huge impact. The factor that we expect, a large export revenue from farmers and from metallurgical products, I think, will smooth out this activity," Shyshatska said.

According to Board Chairman of of Globus Bank Serhiy Mammadov, the recent decision of the National Bank to publish the forecast of the refinancing rate will give businesses the opportunity of better planning the purchase and sale of currency, which, in turn, has shifted and altered the seasonality of the foreign exchange market as a whole.

The banker also said that the rate will be influenced by continued cooperation with the IMF and the implementation of reforms in the country that will be launched.

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