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NBU: Hryvnia fell due to seasonal decline in business activity
17:47, 13 January 2017
NBU: Hryvnia fell due to seasonal decline in business activity

NBU said that in such conditions they are ready to enter the market with currency interventions to smooth excessive fluctuations

17:47, 13 January 2017

112 Agency

The decline of the hryvnia is caused by the seasonal decline in business activity. This is stated in the message of the National Bank of Ukraine.

"The interbank market received foreign exchange earnings in the first post-holiday days, which accumulated during the Christmas weekend in Ukraine, which coincided with the working days in the US and Europe. This factor was temporary. The supply of currency is caused by the traditional seasonal decline in business activity for the first months of the year, which, in particular, is somewhat smaller receipts from exports agricultures crops, which were the main source of foreign currency in the autumn months. At the same time the main source of foreign currency earnings gradually take over the metallurgical exports. This also contributes to the global pricing environment due to the increase in the price of steel and iron ore", said the Deputy Head of the National Bank of Ukraine Oleg Chury.

Related: NBU rate as of January 13: US dollar - 27.25 UAH, EUR - 29.10 UAH

According to him, under these conditions, the regulator is ready to enter the market with currency interventions to smooth excessive fluctuations and has enough tools to do so.

According to the NBU, the volume of international reserves at the beginning of January amounted to $ 15.5 billion.

"That's enough for the sale of foreign currency during the intervention, and to fulfill the commitments of the Government and the National Bank of Ukraine", say in the National Bank.

Related: Anti-Corruption Bureau of Ukraine looks into possible frauds by Head of National Bank

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