NBU says forex market situation improves

This was reported by the press service of the National Bank on Facebook, as seen by Ukrinform.

"The situation of the foreign exchange market is also improving. While in June of last year the difference between hryvnia’s official and cash exchange rate to the dollar reached 28.5%, in recent weeks it has remained in the range of 2-4%," the report says.

The National Bank explains that the foreign currency market has stabilized thanks to the rhythmic inflow of international aid, further adjustment of the economy to the conditions of war, and the extension of the "grain agreement" allowing Ukrainian crops to be exported by sea.

Also, the stabilization of the exchange rate was thanks to the calibration of currency restrictions by the National Bank, which allowed for minimizing the unproductive capital outflow from the country, and the consistent monetary policy pursued by the NBU, aimed at increasing the attractiveness of hryvnia assets.

In addition, the regulator introduced tools to reduce demand and increase supply in the cash segment of the foreign exchange market. The rejection of emission financing of the budget deficit and the growing attractiveness of hryvnia assets contributed to the further stabilization of expectations.

As Ukrinform reported earlier, the National Bank of Ukraine throughout the past week has sold $126.34 million on the interbank foreign exchange market. In total, since year-start, the regulator has sold $7.369 billion and bought $62.3 million.

Photo: NBU