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National Bank sells $350 million on interbank market to prevent hryvnia hike

Source : 112 Ukraine

Demand for currency continues significantly outstripping supply, but the National Bank of Ukraine is still ready for currency interventions on the interbank market in order to counterbalance excessive exchange rate fluctuations
08:43, 12 March 2020

National Bank of Ukraine

On March 11, the National Bank of Ukraine (NBU) sold 350 million dollars on the interbank foreign exchange market to prevent the hryvnia from collapse. This is stated in NBU’s press release on its Facebook page.

Demand for currency continues significantly outstripping supply, however, the National Bank was actively smoothing exchange rate fluctuations for two days in a row and sold about 350 million dollars for this purpose today," the regulator said.

The NBU is still ready for currency interventions on the interbank market in order to counterbalance excessive exchange rate fluctuations.

Related: Ukraine’s national debt decreased by $1 billion in January, - Finance Ministry

It is believed that this kind of situation in the financial markets is driven by a psychological factor, primarily due to the spread of coronavirus in the world.

As we reported earlier, the collapse in oil prices and the coronavirus epidemic have led to a sharp fall in the value of GDP warrants in Ukraine - by 9.2% and a rise in the yield of Eurobonds only by 1.1%.

According to market participants, on Monday, March 9, the GDP warrants were worth about 81.8% of the face value, although last week they ended at 90%.

Related: We stand on threshold of financial and economic crisis, - Ukraine’s PM

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