15:57 20.01.2022

No panic on FX currency market, only nonresidents who sold govt bonds aggressively buy currency – NBU governor

1 min read
No panic on FX currency market, only nonresidents who sold govt bonds aggressively buy currency – NBU governor

The National Bank of Ukraine (NBU) sees no signs of panic behavior in the foreign exchange market, aggressive purchases are shown only by non-residents who have sold government domestic loan bonds, NBU Governor Kyrylo Shevchenko said.

"We don't see any signs of panic behavior," he said during a briefing in Kyiv.

Only one category of clients demonstrates aggressive purchase of foreign currency - non-residents who sold government bonds, he added.

"Last year, the NBU allowed buying currency without obligations... And we see about $11 million per day on average (currency purchases). If there were signs of panic behavior, the volume of purchases without obligations would show a significant upward trend, otherwise it is at the level of December and November," Shevchenko commented.

January traditionally demonstrates greater demand for foreign currency, which is associated with large budget payments in December, Oleksiy Lupin, the director of the open markets department, added.

"In December, the Ministry of Finance spent UAH 76 billion, some of these funds went to the foreign exchange market after some time," Lupin said.

These two factors provoked an increase in demand in the foreign exchange market in January, he concluded.

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