12:20 16.12.2019

Increase of planned daily interventions by NBU to $50 mln to help slow pace of hryvnia revaluation – bankers

2 min read
Increase of planned daily interventions by NBU to $50 mln to help slow pace of hryvnia revaluation – bankers

 The increase of the planned daily interventions in the interbank currency market to purchase foreign currency by the National Bank of Ukraine (NBU) from $30 million to $50 million would help to slow the pace of the hryvnia revaluation, according to bankers polled by Interfax-Ukraine.

"The plan does not oblige the NBU to buy back more currency if market conditions do not require it. At the same time, the regulator gives a signal that it is ready to increase the purchase of excess foreign currency supply. Most likely, this will reduce the revaluation pressure on the hryvnia," Executive Director of the Independent Association of Banks of Ukraine (NABU) Olena Korobkova said.

Director of the Treasury and Stock Markets Department at Pravex-Bank Artem Krasovsky said that by increasing the planned amount of currency purchase, the NBU gives the market a signal of readiness for a more substantial leveling of the excess currency supply.

According to Krasovsky, in general, this decision of the NBU should help to reduce the factor of psychological pressure of expectations of the "inevitable" continuation of the revaluation on the hryvnia exchange rate and somewhat stabilize the country's foreign exchange market.

Head of the Investor Relations Department of Credit Dnipro Bank Andriy Prykhodko said that the National Bank, taking the decision to increase the planned amount of currency purchase for the forex reserves, "will absorb pressure on the U.S. dollar to a certain extent, and therefore the trend towards a strengthening of the national currency may slow down."

At the same time, he said that the further trend towards strengthening the hryvnia exchange rate largely depends on maintaining the interest of international financial investors in government bonds, which is determined by the situation in global capital markets.

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